L10

Listed Company · HOSE

Price

25,200

Latest close

03 Apr 2026

P/E 6.4x

EPS (TTM) 3,915

ROE (TTM) 13.1%

P/B 0.8x

BVPS (Latest) 30,672

ROA (TTM) 2.9%

What Is Changing

L10 no longer looks like a business simply rebounding from a weak base. Revenue posted +34.0% YoY, while net margin reached 2.62% with an additional +0.1pp 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 37.7bn in 2025.
Revenue growth accelerated to 34.0% in 2025, up 31.6pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	1,438.2	1,073.2	1,048.1	1,035.9	1,071.9
Growth	+34%	+2%	+1%	-3%	—
Net Income	37.7	27.6	25.9	16.8	14.7
Net Margin	2.62%	2.57%	2.47%	1.63%	1.37%

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	281.4	419.7	346.4	390.6	290.4	270.1	299.4	213.3	247.1	168.7	380.2	252.2
Growth	-33%	+21%	-11%	+35%	+7%	-10%	+40%	-14%	+46%	-56%	+51%	—
Net Income	13.7	12.6	7.1	5.0	8.7	2.4	13.2	3.2	13.6	2.6	5.9	3.8
Net Margin	4.86%	2.99%	2.05%	1.28%	3.01%	0.89%	4.41%	1.52%	5.49%	1.53%	1.56%	1.52%

Financial Statements

Profitability

Net margin reached 2.62% while Revenue posted +34.0% YoY.

Balance Sheet

Inventory stood at 311.5bn, liabilities at 995.5bn, and equity at 302.7bn.

Cash Flow

Operating cash flow was -25.2bn in 2025, while investing cash flow was 33.8bn.

Financing cash flow: 51.2bn.

Item	2025	2024	2023	2022	2021
Revenue	1,438.2	1,073.2	1,048.1	1,035.9	1,071.9
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,438.2	1,073.2	1,048.1	1,035.9	1,071.9
Cost of Goods Sold	1,349.2	1,021.9	1,006.0	998.0	0.0
Gross Profit	89.0	51.3	42.1	37.9	33.5
Financial Income	12.2	16.9	15.7	7.9	0.3
Financial Expenses	14.2	8.9	8.4	7.7	-14.1
Interest Expense	13.4	8.8	8.3	6.8	-8.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	38.7	28.3	21.6	19.5	-9.3
Operating Profit	48.2	31.0	27.8	18.5	10.5
Other Income	2.5	2.0	4.6	1.7	0.0
Other Expenses	0.7	1.5	2.4	0.5	0.0
Other Profit	1.8	0.5	2.3	1.2	9.3
Profit Before Tax	50.0	31.5	30.0	19.7	19.8
Current Income Tax Expense	12.3	4.0	4.1	2.8	-5.2
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	37.7	27.6	25.9	16.8	14.7
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	37.7	27.6	25.9	16.8	14.7
Earnings per Share	3,848.00	2,816.00	2,646.00	1,721.00	1,497.00
Diluted EPS	3,848.00	2,816.00	2,646.00	1,721.00	1,481.97

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,144.4	1,206.7	1,080.4	864.4	1,075.5
I. Cash and cash equivalents	389.7	327.7	471.1	310.7	401.4
1. Cash	389.7	327.7	419.8	310.7	0.0
2. Cash equivalents	—	0.0	51.3	0.0	0.0
II. Short-term financial investments	4.4	44.3	50.0	0.0	0.0
1. Available for sale securities	—	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
3. Held to maturity investments	4.4	44.3	50.0	0.0	0.0
III. Short-term receivables	437.1	417.4	319.9	406.2	341.0
1. Short-term trade accounts receivable	416.4	379.3	281.5	347.1	0.0
2. Short-term prepayments to suppliers	47.5	51.7	47.7	65.6	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	5.5	8.9	6.5	7.0	0.0
7. Provision for short-term doubtful debts (*)	-32.2	-22.5	-15.8	-13.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	311.5	408.7	227.7	134.6	314.8
1. Inventories	311.5	408.7	227.7	134.6	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.7	8.6	11.7	13.0	18.3
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	1.7	8.5	11.6	13.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.2	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	153.8	172.9	186.9	180.1	186.7
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	79.0	93.3	103.2	94.4	98.9
1. Tangible fixed assets	71.0	85.3	95.2	86.4	90.9
- Cost	466.6	458.3	448.2	420.3	0.0
- Accumulated depreciation	-395.6	-373.0	-353.0	-333.9	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	8.0	8.0	8.0	8.0	8.0
- Cost	9.0	9.0	9.0	9.0	0.0
- Accumulated depreciation	-1.0	-1.0	-1.0	-1.0	0.0
III. Investment properties	48.5	53.3	55.4	57.4	59.5
- Cost	110.6	110.6	110.6	110.6	0.0
- Accumulated depreciation	-62.1	-57.2	-55.2	-53.1	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	26.3	26.3	28.3	28.3	28.3
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	26.3	26.3	26.3	26.3	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	2.0	2.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	—	0.0	0.0	0.0	0.0
1. Long-term prepayments	—	0.0	0.0	0.0	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,298.2	1,379.6	1,267.3	1,044.5	1,262.1
A. LIABILITIES (300=210+330)	995.5	1,096.8	998.7	789.3	1,011.0
I. Short -term liabilities	824.3	826.8	581.3	555.7	751.8
1. Short-term trade accounts payable	163.5	231.5	186.8	169.2	202.1
2. Short-term advances from customers	302.5	286.1	122.1	139.0	326.3
3. Taxes and other payables to state authorities	7.5	2.9	0.8	0.5	0.0
4. Payable to employees	46.2	68.8	30.2	21.3	0.0
5. Short-term acrrued expenses	34.7	31.8	84.3	41.1	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	3.6	3.1	2.9	3.0	2.6
9. Other short-term payables	15.6	15.9	15.8	16.6	0.0
10. Short-term borrowings and financial leases	237.9	170.2	100.9	136.2	104.2
11. Provision for short-term liabilities	—	0.8	23.0	14.9	0.0
12.. Bonus and welfare fund	12.8	15.8	14.5	13.9	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	171.2	270.0	417.4	233.6	259.3
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	92.3	215.5	303.6	149.5	176.2
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	45.0	46.4	47.8	49.2	50.6
7. Other long-term liabilities	5.9	5.1	5.1	4.9	0.0
8. Long-term borrowings and financial leases	0.4	2.2	4.0	5.8	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	27.6	0.8	56.9	24.2	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	302.7	282.7	268.5	255.2	251.1
I. Owner's equity	302.7	282.7	268.5	255.2	0.0
1. Owner's capital	98.9	98.9	98.9	98.9	251.1
- Common stock with voting right	98.9	98.9	98.9	98.9	98.9
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	5.0	5.0	5.0	5.0	5.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	-2.0	-2.0	-2.0	-2.0	0.0
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	124.1	121.8	119.1	117.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	2.8	2.8	2.8	2.8	0.0
11. Undistributed earnings after tax	73.9	56.3	44.7	33.5	31.6
- Accumulated retained earning at the end of the previous period	36.3	28.7	18.8	16.6	16.9
- Undistributed earnings in this period	37.7	27.6	25.9	16.8	14.7
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,298.2	1,379.6	1,267.3	1,044.5	1,262.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	50.0	31.5	30.0	19.7	19.8
Depreciation of Fixed Assets and Investment Property	27.5	23.7	21.1	19.0	20.8
Provision (Increase)/Reversal	35.7	-71.5	42.9	10.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-2.3	-12.4	-8.0	-2.9	0.0
Gain/Loss from Investment Activities	-2.2	-4.5	-6.7	-1.9	0.0
Interest Expense	13.4	8.8	8.3	6.8	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	122.2	-24.3	87.6	50.6	38.4
Increase/(Decrease) in Receivables	-22.6	-99.7	87.5	-58.7	0.0
Increase/(Decrease) in Inventory	97.3	-181.1	-93.1	180.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-195.3	106.1	201.1	-273.5	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-13.3	-8.8	-8.4	-6.8	0.0
Corporate Income Tax Paid	-7.4	-2.7	-4.2	-4.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-6.1	-2.3	-2.2	-1.5	0.0
Net Cash Flow from Operating Activities	-25.2	-212.6	268.3	-113.8	230.1
Payments for Fixed Assets and Other Long-term Assets	-8.4	-11.7	-23.6	-9.7	-10.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.4	0.0
Loans and Purchases of Debt Instruments	—	-4.2	-50.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	40.0	12.0	0.0	0.0	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	2.2	3.1	4.4	1.5	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	33.8	-0.7	-69.1	-7.7	-9.7
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	599.9	329.9	209.5	251.9	268.5
Repayment of Borrowings	-534.0	-262.4	-246.6	-214.2	-304.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-14.6	-9.8	-9.7	-9.9	-9.7
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	51.2	57.7	-46.8	27.9	-45.7
Net Cash Flow During the Period	59.8	-155.6	152.4	-93.7	23.9
Cash and Cash Equivalents at Beginning of Period	327.7	471.1	310.7	401.4	230.3
FX Difference from Revaluation	2.1	12.2	8.0	2.9	-3.6
Cash and Cash Equivalents at End of Period	389.7	327.7	471.1	310.7	401.4

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	281.4	419.7	346.4	390.6	290.4	270.1	299.4	213.3	247.1	168.7	380.2	252.2
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	281.4	419.7	346.4	390.6	290.4	270.1	299.4	213.3	247.1	168.7	380.2	252.2
Cost of Goods Sold	256.9	379.2	335.0	378.1	264.3	261.0	291.5	205.1	234.9	161.3	368.8	241.0
Gross Profit	24.5	40.6	11.4	12.6	26.1	9.2	7.8	8.2	12.2	7.4	11.4	11.1
Financial Income	5.7	0.1	5.5	0.9	1.8	1.1	12.1	1.8	11.0	2.8	1.6	0.2
Financial Expenses	3.6	4.1	3.7	2.8	2.3	2.3	2.5	1.8	1.9	2.0	1.8	2.6
Interest Expense	3.4	3.5	3.7	2.8	2.3	2.3	2.5	1.8	1.9	2.0	1.7	2.6
Share of Associates and Joint Ventures	—	—	—	—	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
General and Administrative Expenses	6.8	20.6	4.8	6.5	14.3	4.9	4.9	4.2	7.3	4.9	5.0	4.4
Operating Profit	19.8	15.9	8.3	4.3	11.3	3.0	12.5	4.1	13.9	3.2	6.3	4.4
Other Income	0.0	0.0	0.1	2.4	0.0	0.0	2.0	0.0	3.2	0.0	1.0	0.4
Other Expenses	0.0	0.1	0.2	0.4	0.8	0.0	0.7	0.0	2.3	0.0	0.0	0.0
Other Profit	0.0	-0.1	-0.1	2.0	-0.8	-0.0	1.4	-0.0	0.9	-0.0	1.0	0.4
Profit Before Tax	19.8	15.7	8.2	6.3	10.5	3.0	13.9	4.1	14.8	3.2	7.2	4.8
Current Income Tax Expense	6.2	3.2	1.1	1.3	1.8	0.6	0.7	0.8	1.2	0.6	1.3	1.0
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	13.7	12.6	7.1	5.0	8.7	2.4	13.2	3.2	13.6	2.6	5.9	3.8
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	13.7	12.6	7.1	5.0	8.7	2.4	13.2	3.2	13.6	2.6	5.9	3.8
Earnings per Share	1,396.00	1,283.00	727.00	509.00	891.00	245.00	1,349.00	330.00	1,385.00	264.00	606.00	392.00
Diluted EPS	1,381.60	1,270.42	719.68	503.72	882.37	242.99	1,334.95	326.78	1,371.38	260.91	599.49	387.93

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)	1,144.4	1,017.1	1,025.0	1,026.2	1,206.7	1,063.3	1,085.2	1,073.9	1,080.4	995.1	962.4	914.3
I. Cash and cash equivalents	389.7	328.0	325.0	333.8	327.7	379.8	375.9	403.4	471.1	561.3	457.0	438.4
1. Cash	389.7	328.0	325.0	333.8	327.7	379.8	375.9	351.9	419.8	510.6	406.2	388.3
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	51.5	51.3	50.7	50.8	50.1
II. Short-term financial investments	4.4	4.4	4.4	4.3	44.3	54.2	50.0	50.0	50.0	50.0	50.0	50.0
1. Available for sale securities	—	—	—	—	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
3. Held to maturity investments	4.4	4.4	4.4	4.3	44.3	54.2	50.0	50.0	50.0	50.0	50.0	50.0
III. Short-term receivables	437.1	457.9	419.6	436.5	417.4	342.3	471.6	363.7	319.9	293.4	400.5	323.6
1. Short-term trade accounts receivable	416.4	436.4	380.2	374.3	379.3	305.4	397.9	332.7	281.5	260.3	356.7	253.8
2. Short-term prepayments to suppliers	47.5	49.3	54.2	72.3	51.7	43.5	80.2	39.4	47.7	42.0	51.1	72.6
3. Short-term inter-company receivables	—	—	—	—	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
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	5.5	6.7	5.5	12.0	8.9	9.0	9.1	7.2	6.5	4.7	6.2	10.8
7. Provision for short-term doubtful debts (*)	-32.2	-34.6	-20.3	-22.2	-22.5	-15.6	-15.6	-15.6	-15.8	-13.5	-13.5	-13.5
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	311.5	223.9	272.7	250.4	408.7	278.4	183.5	242.8	227.7	86.0	54.9	94.9
1. Inventories	311.5	223.9	272.7	250.4	408.7	278.4	183.5	242.8	227.7	86.0	54.9	94.9
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	1.7	2.9	3.4	1.3	8.6	8.6	4.1	14.0	11.7	4.3	0.0	7.4
1. Short-term prepayments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	1.7	2.9	3.4	1.3	8.5	8.6	3.8	13.8	11.6	4.3	0.0	7.4
3. Taxes and other receivables from state authorities	—	—	0.0	0.0	0.0	0.0	0.4	0.2	0.2	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
5. Other short-term assets	—	—	—	—	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)	153.8	160.9	164.1	167.1	172.9	173.7	180.1	184.3	186.9	175.3	175.1	176.1
I. Long-term receivables	—	—	—	—	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
2. Long-term prepayments to suppliers	—	—	—	—	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
4. Long-term inter-company receivables	—	—	—	—	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
6. Other long-term receivables	—	—	—	—	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
II. Fixed assets	79.0	84.9	86.9	88.7	93.3	93.5	97.5	101.2	103.2	91.1	90.4	90.9
1. Tangible fixed assets	71.0	76.9	78.9	80.7	85.3	85.5	89.5	93.2	95.2	83.1	82.4	82.9
- Cost	—	—	—	—	458.3	454.5	453.1	449.5	448.2	429.5	424.1	420.6
- Accumulated depreciation	—	—	—	—	-373.0	-369.0	-363.6	-356.3	-353.0	-346.4	-341.7	-337.7
2. Financial leased fixed assets	—	—	—	—	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
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0
- Cost	—	—	—	—	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
III. Investment properties	48.5	49.7	50.9	52.1	53.3	53.8	54.3	54.9	55.4	55.9	56.4	56.9
- Cost	—	—	—	—	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
IV. Long-term assets in progress	—	—	—	—	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
2. Construction in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	26.3	26.3	26.3	26.3	26.3	26.3	28.3	28.3	28.3	28.3	28.3	28.3
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	26.3	26.3	26.3	26.3	26.3	26.3	26.3	26.3	26.3	26.3	26.3	26.3
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
5. Held to maturity investments	—	—	—	—	0.0	0.0	2.0	2.0	2.0	2.0	2.0	2.0
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	—	—	—	—	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
4. Other long-term assets	—	—	—	—	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
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,298.2	1,178.0	1,189.1	1,193.3	1,379.6	1,237.0	1,265.3	1,258.2	1,267.3	1,170.4	1,137.5	1,090.3
A. LIABILITIES (300=210+330)	994.8	888.3	912.0	905.5	1,096.8	963.0	993.7	986.4	998.7	915.4	885.1	831.3
I. Short -term liabilities	823.6	718.1	721.4	668.2	826.8	643.6	629.6	556.4	581.3	473.1	514.1	521.7
1. Short-term trade accounts payable	163.5	169.6	165.3	124.7	231.5	128.8	168.5	204.1	186.8	145.2	136.7	149.2
2. Short-term advances from customers	302.5	202.9	196.8	194.6	286.1	231.5	197.4	130.1	122.1	133.2	122.1	135.2
3. Taxes and other payables to state authorities	6.8	5.2	2.0	1.2	2.9	3.5	1.2	1.0	0.8	2.1	9.6	0.8
4. Payable to employees	46.2	54.3	45.5	38.1	68.8	50.5	36.5	18.5	30.2	21.6	17.6	25.4
5. Short-term acrrued expenses	34.7	34.8	34.2	31.7	31.8	31.7	36.2	43.6	84.3	42.8	79.5	54.3
6. Short-term inter-company payables	—	—	—	—	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
8. Short-term unearned revenue	3.6	3.2	3.3	2.6	3.1	3.3	3.7	2.5	2.9	2.7	3.0	2.6
9. Other short-term payables	15.6	17.4	17.4	17.5	15.9	16.4	17.1	16.7	15.8	17.7	17.3	17.4
10. Short-term borrowings and financial leases	237.9	215.4	241.0	243.8	170.2	159.4	146.1	114.8	100.9	91.5	105.9	108.3
11. Provision for short-term liabilities	—	—	—	—	0.8	2.2	6.2	11.5	23.0	0.8	6.6	14.9
12.. Bonus and welfare fund	12.8	15.4	15.9	14.1	15.8	16.2	16.7	13.6	14.5	15.4	15.7	13.5
13. Price stabilization fund	—	—	—	—	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
II. Long-term liabilities	171.2	170.1	190.6	237.3	270.0	319.3	364.1	430.0	417.4	442.3	371.0	309.6
1. Long-term trade payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	92.3	89.0	137.7	184.2	215.5	251.3	275.2	315.4	303.6	301.9	229.7	214.7
3. Long-term acrrued expenses	—	—	—	—	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
5. Long-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	45.0	45.7	45.7	46.4	46.4	47.1	47.1	47.8	47.8	48.5	48.5	49.2
7. Other long-term liabilities	5.9	5.6	5.0	4.5	5.1	4.9	5.1	5.1	5.1	5.0	4.9	4.9
8. Long-term borrowings and financial leases	0.4	2.2	2.2	2.2	2.2	4.0	4.0	4.0	4.0	5.8	5.8	5.8
9. Convertible bonds	—	—	—	—	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
11. Deferred income tax liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	27.6	27.6	—	—	0.8	12.0	32.6	57.7	56.9	81.0	82.1	35.0
13. Fund for technology development	—	—	—	—	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
B. OWNER'S EQUITY (400=410+430)	303.3	289.7	277.1	287.7	282.7	274.0	271.6	271.8	268.5	255.0	252.4	259.0
I. Owner's equity	303.3	289.7	277.1	287.7	282.7	274.0	271.6	271.8	268.5	255.0	252.4	259.0
1. Owner's capital	98.9	98.9	98.9	98.9	98.9	98.9	98.9	98.9	98.9	98.9	98.9	98.9
- Common stock with voting right	98.9	98.9	98.9	98.9	98.9	98.9	98.9	98.9	98.9	98.9	98.9	98.9
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0
3. Convertible bond option	—	—	—	—	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
5. Treasury shares	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0
6. Assets revaluation differences	—	—	—	—	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
8. Investment and development fund	124.1	124.1	124.1	121.8	121.8	121.8	121.8	119.1	119.1	119.1	119.1	117.0
9. Fund to support corporate restructuring	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8
11. Undistributed earnings after tax	74.6	60.9	48.4	61.2	56.3	47.5	45.1	48.0	44.7	31.2	28.6	37.3
- Accumulated retained earning at the end of the previous period	36.3	36.3	36.3	56.3	28.7	28.7	28.7	44.7	18.8	18.8	18.8	33.5
- Undistributed earnings in this period	38.3	24.7	12.1	5.0	27.6	18.8	16.4	3.2	25.9	12.3	9.8	3.8
12. Reserves for investment in construction	—	—	—	—	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
14. Financial reserves	—	—	—	—	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
1. Subsidized not-for-profit funds	—	—	—	—	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
C. MINORITY'S INTEREST	—	—	—	—	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)	1,298.2	1,178.0	1,189.1	1,193.3	1,379.6	1,237.0	1,265.3	1,258.2	1,267.3	1,170.4	1,137.5	1,090.3

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	19.8	15.7	8.2	6.3	10.5	3.0	13.9	4.1	14.8	3.2	7.2	4.8
Depreciation of Fixed Assets and Investment Property	7.3	6.2	7.0	7.0	6.1	5.9	7.8	3.8	7.1	5.2	4.5	4.3
Provision (Increase)/Reversal	-2.3	41.9	-1.9	-2.0	-5.6	-24.6	-30.4	-10.8	0.2	-6.8	38.8	10.7
FX Gain/Loss from Revaluation of Monetary Items	2.0	0.0	-4.3	—	-0.4	0.0	-11.9	0.0	-7.2	0.0	-0.8	0.0
Gain/Loss from Investment Activities	-0.0	-0.0	-1.2	-0.9	-1.4	-1.1	-0.2	-1.8	-2.9	-2.7	-0.8	-0.2
Interest Expense	3.4	3.5	3.7	2.8	2.3	2.3	2.5	1.8	14.7	-10.7	1.7	2.6
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	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
Amortization of Goodwill	—	—	—	—	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
Operating Profit Before Changes in Working Capital	30.2	67.3	11.6	13.2	11.6	-14.5	-18.3	-3.0	26.6	-11.7	50.6	22.2
Increase/(Decrease) in Receivables	24.2	-52.0	16.7	-11.5	-80.6	124.8	-98.0	-45.9	-33.9	102.7	-69.5	88.2
Increase/(Decrease) in Inventory	-87.6	48.7	-22.3	158.4	-130.4	-94.9	59.2	-15.1	-141.7	-31.1	39.9	39.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	85.8	-27.7	-33.3	-220.1	134.3	-17.4	3.9	-14.7	61.8	65.5	14.3	59.6
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-3.2	-3.7	-3.5	-2.9	-2.1	-2.4	-2.4	-1.9	-1.8	-2.2	-1.6	-2.9
Corporate Income Tax Paid	-4.3	0.0	-0.6	-2.5	-0.4	0.0	-1.7	-0.5	-1.6	-1.3	-0.7	-0.6
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-2.6	-0.5	-1.3	-1.7	-0.4	-0.5	-0.5	-1.0	-0.8	-0.4	-0.5	-0.5
Net Cash Flow from Operating Activities	42.7	32.1	-32.8	-67.2	-68.0	-4.9	-57.7	-82.0	-91.4	121.5	32.6	205.6
Payments for Fixed Assets and Other Long-term Assets	-0.1	-3.0	-4.0	-1.2	-5.4	-1.4	-3.6	-1.3	-14.4	-5.4	-3.5	-0.3
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
Loans and Purchases of Debt Instruments	—	—	—	—	0.0	-4.2	0.2	-0.2	0.0	0.0	0.0	-50.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	40.0	—	12.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	1.2	0.9	0.0	1.1	0.2	1.8	0.7	2.7	0.8	0.2
Increase/(Decrease) in Term Deposits	—	—	—	—	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
Other Investing Receipts	—	—	—	—	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
Net Cash Flow from Investing Activities	-0.1	-3.0	37.1	-0.2	6.7	-4.5	-3.2	0.3	-13.7	-2.8	-2.7	-50.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	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
Proceeds from Borrowings	150.2	134.9	138.6	176.2	79.4	97.4	107.8	45.2	92.9	11.6	79.4	25.6
Repayment of Borrowings	-129.5	-160.6	-141.3	-102.6	-70.4	-84.1	-76.5	-31.3	-85.2	-26.1	-81.8	-53.5
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-0.0	-14.6	-0.0	-0.0	-0.0	-9.7	-0.0	-0.0	-0.0	-9.7	-0.0
Other Financing Receipts	—	—	—	—	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
Net Cash Flow from Financing Activities	20.7	-25.7	-17.3	73.5	9.0	13.3	21.6	13.9	7.6	-14.4	-12.1	-27.9
Net Cash Flow During the Period	63.3	3.5	-12.9	6.0	-52.4	3.9	-39.4	-67.7	-97.5	104.3	17.8	127.7
Cash and Cash Equivalents at Beginning of Period	328.0	325.0	333.8	327.7	471.1	471.1	471.1	471.1	310.7	310.7	310.7	310.7
FX Difference from Revaluation	2.1	3.7	4.2	—	0.3	0.0	11.9	0.0	7.2	0.0	0.8	0.0
Cash and Cash Equivalents at End of Period	389.7	328.0	325.0	333.8	327.7	379.8	375.9	403.4	471.1	561.3	457.0	438.4

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L10

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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