LAS

Listed Company · HNX

Price

16,800

Latest close

03 Apr 2026

P/E 12.7x

EPS (TTM) 1,319

ROE (TTM) 11.1%

P/B 1.3x

BVPS (Latest) 13,043

ROA (TTM) 6.3%

What Is Changing

LAS no longer looks like a business simply rebounding from a weak base. Revenue posted +8.0% YoY, while net margin reached 4.39% with an additional -0.5pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income growth slowed to -2.6% in 2025 from 13.6% in the prior period, at VND 164.2bn.
Revenue growth accelerated to 8.0% in 2025, up 7.3pp versus the prior year.
Net margin declined from 4.87% in the prior period to 4.39% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	3,743.8	3,465.8	3,440.3	3,155.7	2,801.0
Growth	+8%	+1%	+9%	+13%	—
Net Income	164.2	168.7	148.5	88.5	66.8
Net Margin	4.39%	4.87%	4.32%	2.81%	2.38%

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	368.0	708.1	1,081.9	1,585.8	604.2	812.3	605.0	1,444.3	549.3	810.5	867.7	1,212.9
Growth	-48%	-35%	-32%	+162%	-26%	+34%	-58%	+163%	-32%	-7%	-28%	—
Net Income	20.1	20.1	51.2	71.8	17.1	32.7	67.3	52.5	54.3	28.7	32.3	33.2
Net Margin	5.47%	2.84%	4.73%	4.52%	2.83%	4.02%	11.12%	3.63%	9.89%	3.54%	3.73%	2.74%

Financial Statements

Profitability

Net margin reached 4.39% while Revenue posted +8.0% YoY.

Balance Sheet

Inventory stood at 1,705.3bn, liabilities at 1,041.3bn, and equity at 1,472.9bn.

Cash Flow

Operating cash flow was -353.7bn in 2025, while investing cash flow was 496.6bn.

Financing cash flow: -138.5bn.

Item	2025	2024	2023	2022	2021
Revenue	3,890.6	3,600.0	3,567.9	3,267.0	2,905.5
Revenue Deductions	146.7	134.2	127.6	111.3	0.0
Net Revenue	3,743.8	3,465.8	3,440.3	3,155.7	2,801.0
Cost of Goods Sold	3,139.2	2,827.5	2,883.4	2,701.2	0.0
Gross Profit	604.7	638.3	556.9	454.5	372.7
Financial Income	37.3	31.7	14.4	12.3	8.4
Financial Expenses	31.7	17.6	20.4	21.1	-14.3
Interest Expense	31.1	15.1	17.4	18.4	-11.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	179.1	186.5	159.5	136.3	-139.7
General and Administrative Expenses	234.8	246.6	210.3	200.6	-148.2
Operating Profit	196.4	219.3	181.0	108.7	78.9
Other Income	11.6	13.7	7.0	4.7	0.0
Other Expenses	0.5	16.8	1.7	1.0	0.0
Other Profit	11.1	-3.1	5.3	3.8	6.3
Profit Before Tax	207.5	216.2	186.3	112.5	85.3
Current Income Tax Expense	43.2	47.5	37.8	23.9	-18.5
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	164.2	168.7	148.5	88.5	66.8
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	164.2	168.7	148.5	88.5	66.8
Earnings per Share	1,310.00	1,345.00	1,185.00	722.00	543.21
Diluted EPS	1,455.19	1,494.59	1,316.17	784.43	591.51

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,093.0	2,271.3	2,049.0	1,948.6	1,960.5
I. Cash and cash equivalents	26.1	21.6	22.6	45.8	18.3
1. Cash	16.1	21.6	22.6	45.8	0.0
2. Cash equivalents	10.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	235.0	815.0	710.0	65.0	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	235.0	815.0	710.0	65.0	0.0
III. Short-term receivables	68.0	95.2	274.9	601.1	580.4
1. Short-term trade accounts receivable	56.1	118.0	287.8	613.0	0.0
2. Short-term prepayments to suppliers	35.3	2.3	11.6	16.0	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	2.1	0.5	1.2	1.2	0.0
7. Provision for short-term doubtful debts (*)	-25.4	-25.5	-25.7	-29.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1,705.3	1,335.8	1,037.8	1,233.6	976.6
1. Inventories	1,705.3	1,335.8	1,063.6	1,233.6	0.0
2. Provision for decline in value of inventories	—	0.0	-25.8	0.0	0.0
V. Other short-term assets	58.6	3.6	3.7	3.0	5.2
1. Short-term prepayments	5.5	3.6	3.6	2.7	0.0
2. Value added tax to be reclaimed	49.4	0.0	0.1	0.2	0.0
3. Taxes and other receivables from state authorities	3.7	0.0	0.0	0.2	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)	421.2	371.4	311.5	331.4	334.1
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	371.7	329.7	285.0	296.0	303.1
1. Tangible fixed assets	371.3	329.2	284.0	294.5	302.8
- Cost	1,744.1	1,740.0	1,725.2	1,704.2	0.0
- Accumulated depreciation	-1,372.7	-1,410.8	-1,441.2	-1,409.8	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	0.4	0.4	1.0	1.6	0.2
- Cost	4.0	3.5	3.5	3.5	0.0
- Accumulated depreciation	-3.6	-3.1	-2.5	-1.9	0.0
III. Investment properties	—	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
IV. Long-term assets in progress	32.6	23.1	12.9	22.8	21.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	32.6	23.1	12.9	22.8	0.0
V. Long-term financial investments	6.8	6.8	6.8	6.8	6.8
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	6.8	6.8	6.8	6.8	0.0
3. Investments in other entities	—	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
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	10.1	11.8	6.8	5.7	0.0
1. Long-term prepayments	10.1	11.8	6.8	5.7	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	2.9
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)	2,514.2	2,642.7	2,360.5	2,280.0	2,294.6
A. LIABILITIES (300=210+330)	1,041.3	1,181.3	938.8	934.8	962.2
I. Short -term liabilities	1,041.3	1,181.3	938.8	934.8	962.2
1. Short-term trade accounts payable	175.2	265.3	277.7	278.4	296.7
2. Short-term advances from customers	14.6	11.5	1.0	3.2	0.9
3. Taxes and other payables to state authorities	13.1	15.3	33.3	13.5	0.0
4. Payable to employees	77.9	116.4	156.9	80.9	0.0
5. Short-term acrrued expenses	12.6	26.3	39.1	37.8	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	19.0	20.9	24.5	26.9	0.0
10. Short-term borrowings and financial leases	712.7	715.8	399.7	490.8	542.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	16.3	9.9	6.6	3.4	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	—	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	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)	1,472.9	1,461.5	1,421.7	1,345.1	1,332.4
I. Owner's equity	1,472.9	1,461.5	1,421.7	1,345.1	0.0
1. Owner's capital	1,128.6	1,128.6	1,128.6	1,128.6	1,332.4
- Common stock with voting right	1,128.6	1,128.6	1,128.6	1,128.6	1,128.6
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	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	142.5	125.7	110.3	101.4	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	15.3	15.3	15.3	15.3	0.0
11. Undistributed earnings after tax	186.5	191.9	167.5	99.8	94.7
- Accumulated retained earning at the end of the previous period	22.3	23.5	19.2	11.4	27.8
- Undistributed earnings in this period	164.2	168.4	148.3	88.3	66.9
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)	2,514.2	2,642.7	2,360.5	2,280.0	2,294.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	207.5	216.2	186.3	112.5	0.0
Depreciation of Fixed Assets and Investment Property	81.3	62.9	60.0	59.4	0.0
Provision (Increase)/Reversal	-0.1	-26.1	22.5	-1.4	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	-47.0	-44.4	-20.1	-15.4	0.0
Interest Expense	31.1	15.1	17.4	18.4	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	272.8	223.7	266.1	173.5	0.0
Increase/(Decrease) in Receivables	-23.9	179.9	330.3	-98.7	0.0
Increase/(Decrease) in Inventory	-369.4	-272.3	174.1	-257.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-147.5	-119.3	103.6	89.6	0.0
Increase/(Decrease) in Prepaid Expenses	-0.2	-5.1	-1.5	-1.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-31.0	-14.9	-17.6	-18.4	0.0
Corporate Income Tax Paid	-44.0	-66.8	-19.8	-22.3	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-10.5	-12.8	-6.2	-4.7	0.0
Net Cash Flow from Operating Activities	-353.7	-87.6	829.1	-140.1	-52.4
Payments for Fixed Assets and Other Long-term Assets	-128.6	-56.2	-69.5	-43.4	-34.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	9.7	12.7	6.3	3.1	1.3
Loans and Purchases of Debt Instruments	-1,000.0	-1,675.0	-1,095.0	-385.0	-750.0
Receipts from Loan Repayments and Sale of Debt Instruments	1,580.0	1,570.0	450.0	700.0	370.0
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	35.5	31.8	14.8	12.2	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	496.6	-116.6	-693.4	287.0	-404.8
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	3,030.7	2,596.0	2,129.0	2,179.2	2,386.4
Repayment of Borrowings	-3,033.7	-2,279.8	-2,220.1	-2,231.0	-1,983.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-135.4	-112.9	-67.7	-67.7	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	-138.5	203.3	-158.8	-119.4	402.8
Net Cash Flow During the Period	4.5	-1.0	-23.1	27.5	-0.8
Cash and Cash Equivalents at Beginning of Period	21.6	22.6	45.8	18.3	72.6
FX Difference from Revaluation	0.0	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	26.1	21.6	22.6	45.8	18.3

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
Revenue	375.0	735.0	1,132.4	1,648.1	627.2	845.8	635.1	1,491.9	573.9	843.2	897.5	1,253.3
Revenue Deductions	7.0	26.9	50.5	62.3	22.9	33.5	30.1	47.6	24.7	32.7	29.9	40.4
Net Revenue	368.0	708.1	1,081.9	1,585.8	604.2	812.3	605.0	1,444.3	549.3	810.5	867.7	1,212.9
Cost of Goods Sold	282.5	594.8	923.3	1,342.0	430.7	687.5	430.4	1,294.5	357.9	698.7	741.9	1,084.9
Gross Profit	85.5	113.3	158.6	243.8	173.5	124.8	174.6	149.8	191.3	111.8	125.7	128.0
Financial Income	16.1	3.4	12.0	5.7	11.5	3.6	10.4	6.3	10.9	0.9	3.1	0.0
Financial Expenses	10.9	7.4	6.0	7.4	6.5	4.0	3.2	3.9	3.8	3.2	4.5	8.6
Interest Expense	10.4	7.4	6.0	7.3	4.9	4.0	2.6	3.5	3.1	2.5	3.1	8.5
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	36.1	40.7	42.2	61.4	64.2	41.1	46.6	36.8	50.6	35.5	37.8	35.5
General and Administrative Expenses	37.0	43.8	59.2	91.1	77.1	43.2	58.7	49.7	82.3	38.4	46.9	42.7
Operating Profit	17.5	24.7	63.1	89.7	37.2	40.0	76.4	65.7	65.4	35.5	39.5	41.3
Other Income	8.4	0.4	2.4	0.1	2.0	1.0	10.3	0.2	4.8	0.3	1.4	0.3
Other Expenses	0.0	0.0	0.1	0.1	13.8	0.2	2.6	0.0	2.0	0.0	0.2	0.0
Other Profit	8.4	0.4	2.3	0.0	-11.8	0.7	7.8	0.2	2.8	0.3	1.2	0.2
Profit Before Tax	25.9	25.1	65.4	89.7	25.4	40.8	84.2	65.8	68.2	35.8	40.7	41.5
Current Income Tax Expense	5.8	5.0	14.3	17.9	8.3	8.1	16.9	13.4	13.9	7.2	8.4	8.3
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	20.1	20.1	51.2	71.8	17.1	32.7	67.3	52.5	54.3	28.7	32.3	33.2
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	20.1	20.1	51.2	71.8	17.1	32.7	67.3	52.5	54.3	28.7	32.3	33.2
Earnings per Share	179.00	160.00	408.00	572.00	136.00	261.00	737.00	465.00	433.00	229.00	258.00	271.00
Diluted EPS	178.52	177.87	453.53	635.82	151.35	289.56	596.39	465.03	481.14	254.06	286.49	294.28

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)	2,102.3	2,486.0	2,440.9	2,211.2	2,271.3	1,988.8	2,031.9	1,902.4	2,048.7	1,658.2	1,720.0	1,651.3
I. Cash and cash equivalents	16.1	32.6	25.4	35.9	21.6	20.6	23.2	44.6	22.6	19.7	22.8	30.7
1. Cash	16.1	32.6	25.4	35.9	21.6	20.6	23.2	44.6	22.6	19.7	22.8	30.7
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	245.0	680.0	744.8	670.0	815.0	915.0	815.0	665.0	710.0	550.0	375.0	65.0
1. Available for sale securities	245.0	680.0	744.8	670.0	815.0	915.0	815.0	665.0	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	—	—	—	—	0.0	0.0	0.0	0.0	710.0	550.0	375.0	65.0
III. Short-term receivables	77.1	492.2	662.7	638.0	95.2	232.7	314.3	727.1	274.6	515.3	680.3	844.1
1. Short-term trade accounts receivable	56.1	471.8	625.8	626.2	118.0	227.1	310.8	723.7	287.8	512.3	692.1	848.5
2. Short-term prepayments to suppliers	44.3	41.3	59.6	30.5	2.3	24.9	24.9	23.3	11.6	27.7	14.2	19.8
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	2.1	4.6	2.6	6.8	0.5	6.4	4.3	5.8	0.9	4.3	3.0	4.9
7. Provision for short-term doubtful debts (*)	-25.4	-25.4	-25.4	-25.5	-25.5	-25.7	-25.7	-25.7	-25.7	-29.0	-29.0	-29.1
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1,705.6	1,262.0	1,002.7	862.4	1,335.8	816.3	873.6	459.0	1,037.8	569.2	638.4	707.2
1. Inventories	1,705.6	1,262.0	1,002.7	862.4	1,335.8	842.1	899.4	484.8	1,063.6	569.2	638.4	707.2
2. Provision for decline in value of inventories	—	—	—	—	0.0	-25.8	-25.8	-25.8	-25.8	0.0	0.0	0.0
V. Other short-term assets	58.6	19.1	5.3	5.0	3.6	4.3	5.8	6.7	3.7	4.0	3.5	4.3
1. Short-term prepayments	5.5	5.4	4.4	4.6	3.6	4.1	5.3	6.0	3.6	3.9	3.0	4.0
2. Value added tax to be reclaimed	49.4	13.7	0.9	0.3	0.0	0.1	0.2	0.6	0.1	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	3.7	0.0	0.0	0.0	0.0	0.0	0.3	0.1	0.0	0.0	0.4	0.3
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)	415.2	386.1	370.2	371.2	371.4	318.8	302.3	305.5	311.5	338.4	328.1	321.9
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	365.1	331.9	341.4	346.4	329.7	255.0	263.7	274.7	285.0	274.0	284.5	288.6
1. Tangible fixed assets	364.7	331.3	341.2	346.1	329.2	254.4	263.0	273.9	284.0	272.8	283.2	287.2
- Cost	—	—	—	—	1,740.0	1,696.1	1,689.8	1,730.0	1,725.2	1,719.5	1,714.8	1,711.1
- Accumulated depreciation	—	—	—	—	-1,410.8	-1,441.7	-1,426.7	-1,456.1	-1,441.2	-1,446.7	-1,431.7	-1,423.9
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	0.4	0.6	0.2	0.3	0.4	0.6	0.7	0.9	1.0	1.1	1.3	1.4
- 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	—	—	—	—	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
IV. Long-term assets in progress	33.2	38.9	12.8	7.4	23.1	49.8	28.3	19.5	12.9	53.2	31.9	21.1
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	33.2	38.9	12.8	7.4	23.1	49.8	28.3	19.5	12.9	53.2	31.9	21.1
V. Long-term financial investments	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8
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	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8
3. Investments in other entities	—	—	—	—	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
5. Held to maturity investments	—	—	—	—	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
VI. Other long-term assets	10.1	8.5	9.2	10.6	11.8	7.2	3.4	4.4	6.8	4.4	5.0	5.4
1. Long-term prepayments	10.1	8.5	9.2	10.6	11.8	7.2	3.4	4.4	6.8	4.4	5.0	5.4
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)	2,517.5	2,872.0	2,811.2	2,582.4	2,642.7	2,307.5	2,334.2	2,207.9	2,360.2	1,996.6	2,048.2	1,973.3
A. LIABILITIES (300=210+330)	1,045.5	1,420.2	1,379.5	1,049.1	1,181.2	862.1	921.4	733.7	938.5	634.4	714.5	594.9
I. Short -term liabilities	1,045.5	1,420.2	1,379.5	1,049.1	1,181.2	862.1	921.4	733.7	938.5	634.4	714.5	594.9
1. Short-term trade accounts payable	173.0	215.7	180.2	242.4	265.3	90.0	234.2	146.1	277.7	136.5	211.7	229.0
2. Short-term advances from customers	14.6	0.7	1.7	1.6	11.5	3.5	7.9	2.5	1.0	0.7	2.2	1.5
3. Taxes and other payables to state authorities	12.8	25.4	32.8	20.3	15.2	30.0	21.4	15.5	33.3	26.6	22.2	10.0
4. Payable to employees	77.4	198.1	218.8	175.0	116.4	204.6	161.8	176.8	156.9	109.3	106.9	95.8
5. Short-term acrrued expenses	19.8	45.3	21.2	51.8	26.2	36.7	43.5	53.5	38.8	45.0	53.0	57.8
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	18.9	22.6	211.6	33.4	20.9	25.3	142.1	28.7	24.5	22.1	92.6	25.7
10. Short-term borrowings and financial leases	712.7	828.8	636.7	508.1	715.8	424.3	263.5	284.4	399.7	237.4	175.6	149.6
11. Provision for short-term liabilities	—	65.7	56.5	11.5	0.0	33.4	30.9	22.0	0.0	47.9	40.3	23.0
12.. Bonus and welfare fund	16.3	17.7	20.1	5.1	9.9	14.4	16.1	4.1	6.6	8.8	9.9	2.3
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	—	—	—	—	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
2. Long-term advances from customers	—	—	—	—	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
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	—	—	—	—	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
8. Long-term borrowings and financial leases	—	—	—	—	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
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	—	—	—	—	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
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)	1,472.0	1,451.8	1,431.7	1,533.3	1,461.6	1,445.4	1,412.8	1,474.2	1,421.7	1,362.3	1,333.6	1,378.4
I. Owner's equity	1,472.0	1,451.8	1,431.7	1,533.3	1,461.6	1,445.4	1,412.8	1,474.2	1,421.7	1,362.3	1,333.6	1,378.4
1. Owner's capital	1,128.6	1,128.6	1,128.6	1,128.6	1,128.6	1,128.6	1,128.6	1,128.6	1,128.6	1,128.6	1,128.6	1,128.6
- Common stock with voting right	1,128.6	1,128.6	1,128.6	1,128.6	1,128.6	1,128.6	1,128.6	1,128.6	1,128.6	1,128.6	1,128.6	1,128.6
- Preferred stock	—	—	—	—	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
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	—	—	—	—	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
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	142.5	142.5	142.5	125.7	125.7	125.7	125.7	110.3	110.3	110.3	110.3	101.4
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	15.3	15.3	15.3	15.3	15.3	15.3	15.3	15.3	15.3	15.3	15.3	15.3
11. Undistributed earnings after tax	185.5	165.4	145.2	263.7	192.0	175.8	143.2	220.0	167.5	108.1	79.4	133.0
- Accumulated retained earning at the end of the previous period	22.3	22.3	22.3	191.9	174.9	143.2	75.9	167.5	113.2	79.1	47.2	99.8
- Undistributed earnings in this period	163.3	143.1	122.9	71.8	17.1	32.7	67.3	52.5	54.2	28.9	32.3	33.2
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)	2,517.5	2,872.0	2,811.2	2,582.4	2,642.7	2,307.5	2,334.2	2,207.9	2,360.2	1,996.6	2,048.2	1,973.3

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	52.2	—	155.3	—	0.0	-150.1	150.1	0.0	186.3	-82.2	82.2	0.0
Depreciation of Fixed Assets and Investment Property	42.6	—	38.7	—	0.0	-30.0	30.0	0.0	60.0	-29.4	29.4	0.0
Provision (Increase)/Reversal	-56.5	—	56.4	—	0.0	-29.4	29.4	0.0	22.5	-40.2	40.2	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
Gain/Loss from Investment Activities	-27.6	—	-19.4	—	0.0	24.2	-24.2	0.0	-20.1	3.9	-3.9	0.0
Interest Expense	17.8	—	13.3	—	0.0	-6.1	6.1	0.0	17.4	-11.5	11.5	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
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	28.5	—	244.3	—	0.0	-191.4	191.4	0.0	266.1	-159.4	159.4	0.0
Increase/(Decrease) in Receivables	544.4	—	-568.3	—	0.0	39.3	-39.3	0.0	330.3	80.1	-80.1	0.0
Increase/(Decrease) in Inventory	-702.6	—	333.1	—	0.0	-164.2	164.2	0.0	174.1	-595.2	595.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-231.0	—	83.5	—	0.0	21.1	-21.1	0.0	103.6	12.3	-12.3	0.0
Increase/(Decrease) in Prepaid Expenses	-2.0	—	1.9	—	0.0	-1.6	1.6	0.0	-1.5	-0.4	0.4	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-17.2	—	-13.8	—	0.0	6.4	-6.4	0.0	-17.6	11.5	-11.5	0.0
Corporate Income Tax Paid	-29.5	0.0	0.0	-14.5	0.0	43.2	-10.5	-32.7	-13.2	5.3	0.0	-11.9
Other Operating Receipts	—	—	—	—	-29.6	29.5	-14.7	14.7	-28.2	27.8	-12.6	13.0
Other Operating Payments	34.8	-38.6	70.1	-76.7	39.7	-33.2	54.8	-61.3	40.3	-43.4	50.9	-54.1
Net Cash Flow from Operating Activities	-253.6	-159.6	-74.0	133.6	-52.6	-188.2	143.2	97.6	641.8	-449.0	288.7	347.6
Payments for Fixed Assets and Other Long-term Assets	-110.8	48.4	-3.9	-62.4	9.3	14.4	-12.0	-11.7	-57.9	26.4	-16.4	-21.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	8.2	—	1.5	—	-0.8	-6.9	7.7	0.0	6.3	-0.8	0.8	0.0
Loans and Purchases of Debt Instruments	-255.0	—	-745.0	—	0.0	815.0	-815.0	0.0	-1,095.0	385.0	-385.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	765.0	—	815.0	—	0.0	-710.0	710.0	0.0	450.0	-75.0	75.0	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	32.1	-14.6	12.3	5.7	-3.6	-13.4	10.7	6.3	13.9	-2.2	3.1	0.0
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	446.0	27.3	-65.1	88.4	105.0	-0.9	-143.7	39.6	-507.7	158.4	-322.5	-21.6
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	2,301.4	-718.8	816.3	631.7	-649.8	-505.6	589.9	565.5	1,571.0	-438.0	558.4	437.6
Repayment of Borrowings	-2,496.6	989.9	-687.7	-839.4	489.0	802.5	-610.8	-680.7	-1,723.9	814.9	-532.3	-778.8
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	-135.4	—	—	111.1	-111.1	0.0	0.0	-1.2	-66.5	0.0	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	-195.2	135.7	128.6	-207.7	-49.7	185.8	-20.9	-115.2	-154.1	310.4	26.0	-341.1
Net Cash Flow During the Period	-2.7	3.4	-10.5	14.3	2.7	-3.3	-21.3	21.9	-20.0	19.9	-7.9	-15.1
Cash and Cash Equivalents at Beginning of Period	32.6	25.4	35.9	21.6	0.0	23.2	22.6	22.6	45.8	22.8	45.8	45.8
FX Difference from Revaluation	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	26.1	32.6	25.4	35.9	0.0	20.6	23.2	44.6	22.6	19.7	22.8	30.7

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What Is Changing

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Balance Sheet

Cash Flow

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