LAW

Listed Company · UPCOM

Price

33,000

Latest close

31 Mar 2026

P/E 18.7x

EPS (TTM) 1,769

ROE (TTM) 11.0%

P/B 1.9x

BVPS (Latest) 16,969

ROA (TTM) 5.7%

What Is Changing

LAW no longer looks like a business simply rebounding from a weak base. Revenue posted +10.1% YoY, while net margin reached 8.33% with an additional +2.1pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from 5.34% in 2023 to 8.33% in 2025.
Revenue increased 10.1% YoY to VND 358.2bn in 2025.
Net Income reached a multi-period high at VND 29.8bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	358.2	325.4	277.8	245.1	229.1
Growth	+10%	+17%	+13%	+7%	—
Net Income	29.8	20.3	14.8	13.8	11.4
Net Margin	8.33%	6.22%	5.34%	5.63%	4.98%

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	88.2	88.3	95.0	86.6	81.4	80.2	85.5	78.3	71.4	70.5	71.5	64.3
Growth	-0%	-7%	+10%	+6%	+1%	-6%	+9%	+10%	+1%	-1%	+11%	—
Net Income	-1.3	8.9	8.4	5.6	3.5	8.1	5.7	5.2	-5.9	9.9	6.0	4.3
Net Margin	-1.49%	10.07%	8.84%	6.48%	4.25%	10.14%	6.64%	6.62%	-8.24%	14.02%	8.37%	6.74%

Financial Statements

Profitability

Net margin reached 8.33% while Revenue posted +10.1% YoY.

Balance Sheet

Inventory stood at 19.5bn, liabilities at 204.3bn, and equity at 207.0bn.

Cash Flow

Operating cash flow was 73.5bn in 2025, while investing cash flow was -63.8bn.

Financing cash flow: 4.8bn.

Item	2025	2024	2023	2022	2021
Revenue	358.2	325.4	277.8	247.2	231.1
Revenue Deductions	—	0.0	0.0	2.1	0.0
Net Revenue	358.2	325.4	277.8	245.1	229.1
Cost of Goods Sold	246.9	242.7	217.6	192.6	0.0
Gross Profit	111.3	82.7	60.2	52.5	46.0
Financial Income	0.1	0.0	0.0	0.0	0.0
Financial Expenses	3.7	3.9	5.9	5.3	-5.9
Interest Expense	3.7	3.9	5.9	5.3	-5.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	50.8	33.8	19.5	13.1	-9.7
General and Administrative Expenses	23.6	21.9	20.3	18.7	-16.6
Operating Profit	33.2	23.2	14.5	15.4	13.8
Other Income	0.9	1.1	4.0	0.9	0.0
Other Expenses	0.9	1.1	0.9	0.9	0.0
Other Profit	0.0	0.0	3.0	-0.0	-0.3
Profit Before Tax	33.2	23.3	17.6	15.4	13.5
Current Income Tax Expense	3.4	3.0	2.7	1.6	-2.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	29.8	20.3	14.8	13.8	11.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	29.8	20.3	14.8	13.8	11.4
Earnings per Share	2,080.00	1,413.00	1,033.00	938.00	1,002.00
Diluted EPS	2,445.65	1,660.22	1,215.42	1,130.71	936.05

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	64.6	37.8	33.2	40.8	44.4
I. Cash and cash equivalents	19.9	5.4	4.5	4.1	7.8
1. Cash	19.9	5.1	4.1	3.7	0.0
2. Cash equivalents	—	0.4	0.3	0.3	0.0
II. Short-term financial investments	—	0.9	0.1	0.1	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	—	0.9	0.1	0.1	0.0
III. Short-term receivables	19.3	13.1	14.7	11.6	11.5
1. Short-term trade accounts receivable	15.0	10.6	11.5	7.0	0.0
2. Short-term prepayments to suppliers	2.7	1.4	1.5	1.9	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	1.7	1.1	1.7	3.0	0.0
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	-0.1	-0.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	19.5	15.7	13.6	23.7	24.7
1. Inventories	25.2	18.7	19.3	23.7	0.0
2. Provision for decline in value of inventories	-5.6	-3.0	-5.7	0.0	0.0
V. Other short-term assets	5.8	2.7	0.3	1.3	0.3
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	5.8	2.7	0.3	1.3	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	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)	346.8	304.5	280.9	286.4	263.3
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	316.1	303.2	279.2	257.8	244.1
1. Tangible fixed assets	313.8	300.8	277.7	256.3	242.6
- Cost	746.2	698.8	640.2	583.8	0.0
- Accumulated depreciation	-432.4	-397.9	-362.5	-327.4	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	2.3	2.3	1.5	1.5	1.5
- Cost	2.9	2.9	2.0	2.0	0.0
- Accumulated depreciation	-0.6	-0.6	-0.6	-0.5	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	16.6	0.3	0.0	27.5	12.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	16.6	0.3	0.0	27.5	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
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	—	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	14.1	1.0	1.8	1.1	0.0
1. Long-term prepayments	14.1	1.0	1.8	1.1	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	7.0
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)	411.4	342.3	314.1	327.2	307.7
A. LIABILITIES (300=210+330)	204.3	155.2	141.3	158.8	143.3
I. Short -term liabilities	130.4	84.2	71.0	98.9	53.6
1. Short-term trade accounts payable	81.8	46.0	39.1	40.0	16.7
2. Short-term advances from customers	1.7	0.9	2.3	2.4	0.5
3. Taxes and other payables to state authorities	1.5	1.9	2.7	1.5	0.0
4. Payable to employees	7.7	4.6	3.8	1.5	0.0
5. Short-term acrrued expenses	—	0.8	0.5	0.0	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	18.9	13.7	8.9	8.0	0.0
10. Short-term borrowings and financial leases	14.2	13.3	11.8	43.3	21.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	4.6	3.0	1.9	2.0	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	73.9	71.0	70.3	59.9	89.7
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	11.3	12.3	13.8	14.3	0.0
8. Long-term borrowings and financial leases	62.7	58.7	56.5	45.6	74.1
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)	207.0	187.0	172.8	168.4	164.4
I. Owner's equity	207.0	187.0	172.8	168.4	0.0
1. Owner's capital	122.0	122.0	122.0	122.0	164.4
- Common stock with voting right	122.0	122.0	122.0	122.0	122.0
- 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	85.0	65.0	50.8	46.4	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	—	0.0	0.0	0.0	0.0
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	—	0.0	0.0	0.0	0.0
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)	411.4	342.3	314.1	327.2	307.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	33.2	23.3	17.6	15.4	5.8
Depreciation of Fixed Assets and Investment Property	34.5	35.4	35.1	33.1	30.8
Provision (Increase)/Reversal	2.6	-2.6	5.5	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	-0.1	-0.0	-0.0	-0.0	0.0
Interest Expense	3.7	3.9	5.9	5.3	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	74.0	59.9	64.0	53.8	34.6
Increase/(Decrease) in Receivables	-9.3	-0.8	-1.9	-0.9	0.0
Increase/(Decrease) in Inventory	-6.4	0.6	4.4	-1.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	39.4	-3.3	20.7	6.9	0.0
Increase/(Decrease) in Prepaid Expenses	-13.1	0.8	-0.7	0.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-4.1	-3.9	-5.4	-5.3	0.0
Corporate Income Tax Paid	-4.1	-4.2	-0.9	-1.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-2.8	-1.9	-2.3	-1.8	0.0
Net Cash Flow from Operating Activities	73.5	47.0	77.9	50.1	79.4
Payments for Fixed Assets and Other Long-term Assets	-64.7	-49.0	-49.5	-41.1	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-0.8	-0.0	-0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.9	0.0	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	0.1	0.0	0.0	0.0	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	-63.8	-49.8	-49.4	-41.1	0.0
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	17.9	16.5	94.3	123.2	15.8
Repayment of Borrowings	-13.1	-12.8	-115.0	-129.6	-74.7
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-7.4	-6.3	-17.6
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	4.8	3.8	-28.1	-12.6	-76.5
Net Cash Flow During the Period	14.5	1.0	0.4	-3.7	-2.1
Cash and Cash Equivalents at Beginning of Period	5.4	4.5	4.1	7.7	4.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	19.9	5.4	4.5	4.1	7.4

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	88.2	88.3	95.0	86.6	81.4	80.2	85.5	78.3	71.4	70.5	71.5	64.3
Revenue Deductions	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	88.2	88.3	95.0	86.6	81.4	80.2	85.5	78.3	71.4	70.5	71.5	64.3
Cost of Goods Sold	55.2	65.7	69.4	69.0	64.3	62.9	58.6	64.2	60.2	49.7	55.7	52.7
Gross Profit	33.1	22.6	25.6	17.6	17.1	17.3	26.9	14.1	11.2	20.8	15.9	11.6
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	0.8	0.6	1.7	1.4	0.6	1.4	1.0	0.9	1.2	1.4	1.2	2.0
Interest Expense	0.8	0.6	1.7	1.4	0.6	1.4	1.0	0.9	1.2	1.4	1.2	2.0
Share of Associates and Joint Ventures	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	25.1	7.6	10.2	5.6	6.6	3.1	12.2	3.4	9.0	3.4	3.7	3.4
General and Administrative Expenses	7.8	5.5	5.3	5.1	5.1	4.8	8.1	4.5	4.3	5.9	5.0	4.9
Operating Profit	-0.5	9.0	8.4	5.6	4.8	8.0	5.7	5.4	-3.2	10.1	6.0	1.3
Other Income	0.2	0.2	0.2	0.2	0.4	0.3	0.2	0.2	0.4	0.2	0.2	3.2
Other Expenses	0.1	0.3	0.3	0.2	0.2	0.2	0.2	0.4	0.2	0.4	0.2	0.1
Other Profit	0.1	-0.1	-0.0	0.0	0.2	0.1	-0.0	-0.2	0.1	-0.2	-0.0	3.1
Profit Before Tax	-0.4	8.9	8.4	5.6	5.0	8.1	5.7	5.2	-3.1	9.9	6.0	4.3
Current Income Tax Expense	0.9	—	—	0.0	1.5	0.0	0.0	0.0	2.8	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-1.3	8.9	8.4	5.6	3.5	8.1	5.7	5.2	-5.9	9.9	6.0	4.3
Non-controlling Interest	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-1.3	8.9	8.4	5.6	3.5	8.1	5.7	5.2	-5.9	9.9	6.0	4.3
Earnings per Share	-107.67	728.44	688.37	459.96	283.77	666.83	465.54	425.27	-482.71	810.25	490.69	355.50
Diluted EPS	-107.67	728.44	688.37	459.96	283.77	666.83	465.54	425.27	-482.71	810.25	490.69	355.50

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)	64.6	71.2	58.8	49.7	37.4	37.6	44.1	38.7	39.3	40.4	43.0	40.7
I. Cash and cash equivalents	19.9	33.3	22.7	10.3	6.3	7.0	8.5	5.7	4.6	6.5	6.6	5.1
1. Cash	19.9	32.5	21.9	9.5	5.1	5.7	7.3	5.2	4.1	6.1	6.2	4.6
2. Cash equivalents	—	0.8	0.8	0.8	1.2	1.2	1.2	0.5	0.5	0.5	0.5	0.5
II. Short-term financial investments	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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
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
3. Held to maturity investments	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	19.3	21.5	18.2	19.4	13.2	14.5	16.9	16.1	15.1	11.7	12.9	9.3
1. Short-term trade accounts receivable	15.0	15.1	14.2	15.4	10.7	11.6	12.6	11.8	11.5	8.1	7.6	6.6
2. Short-term prepayments to suppliers	2.7	4.6	1.6	2.4	0.7	1.1	1.3	0.7	0.8	0.8	1.8	0.8
3. Short-term inter-company receivables	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	3.7	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
5. Short-term loan receivables	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	1.7	1.9	2.4	1.7	1.9	1.9	3.0	3.7	3.0	3.0	0.0	2.2
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.2	-0.2	-0.2	-0.2	-0.2
8. Assets awaiting resolution	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	19.5	16.3	17.9	18.6	15.2	15.3	16.9	16.7	19.3	21.9	22.7	24.5
1. Inventories	25.2	22.3	20.7	21.6	18.2	20.3	16.9	16.7	19.3	21.9	22.7	24.5
2. Provision for decline in value of inventories	-5.6	-6.0	-2.8	-3.0	-3.0	-5.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	5.8	0.1	0.0	1.5	2.7	0.8	1.9	0.2	0.3	0.2	0.9	1.8
1. Short-term prepayments	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	5.8	0.1	—	1.0	2.7	0.8	1.9	0.0	0.3	0.0	0.4	0.5
3. Taxes and other receivables from state authorities	—	—	0.0	0.4	0.0	0.0	0.0	0.2	0.0	0.2	0.4	0.8
4. Government bonds	—	—	—	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	0.1	0.6
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	346.0	291.8	268.7	278.0	304.5	277.0	275.8	257.1	275.5	274.1	273.3	277.7
I. Long-term receivables	—	—	—	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
2. Long-term prepayments to suppliers	—	—	—	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
4. Long-term inter-company receivables	—	—	—	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
6. Other long-term receivables	—	—	—	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
II. Fixed assets	315.8	287.1	285.9	294.7	303.2	267.2	274.2	268.9	277.5	271.7	271.2	249.7
1. Tangible fixed assets	313.5	284.8	283.6	292.4	301.4	265.4	272.7	267.4	276.0	270.2	269.7	248.2
- Cost	—	—	—	698.9	698.8	654.0	652.0	638.2	638.2	624.0	614.9	583.8
- Accumulated depreciation	—	—	—	-406.5	-397.3	-388.6	-379.3	-370.8	-362.3	-353.8	-345.2	-335.5
2. Financial leased fixed assets	—	—	—	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
- Accumulated depreciation	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	2.3	2.3	2.3	2.3	1.8	1.8	1.5	1.5	1.5	1.5	1.5	1.5
- Cost	—	—	—	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
III. Investment properties	—	—	—	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
- Accumulated depreciation	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	16.6	3.3	8.1	2.7	0.3	8.2	1.7	0.3	0.0	1.8	9.3	31.0
1. Long-term production in progress	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	16.6	3.3	8.1	2.7	0.3	8.2	1.7	0.3	0.0	1.8	9.3	31.0
V. Long-term financial investments	—	—	—	0.0	0.0	0.0	-3.4	-3.6	-5.7	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	0.0	0.0	0.0	-3.4	-3.6	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
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
5. Held to maturity investments	—	—	—	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	-5.7	0.0	0.0	0.0
VI. Other long-term assets	13.6	1.4	-25.3	-19.4	1.0	1.6	3.4	-8.5	3.8	0.7	-7.2	-2.9
1. Long-term prepayments	13.6	1.4	-25.3	-19.4	1.0	1.6	3.4	-8.5	3.8	0.7	-7.2	-2.9
2. Deferred income tax assets	—	—	—	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
4. Other long-term assets	—	—	—	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
VII. Goodwill (before 2015)	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	410.6	363.0	327.5	327.8	341.9	314.6	319.9	295.8	314.8	314.6	316.3	318.5
A. LIABILITIES (300=210+330)	203.6	133.9	126.5	135.1	154.8	116.7	136.3	117.8	141.9	125.3	137.6	145.7
I. Short -term liabilities	125.9	72.3	65.9	68.5	51.7	20.7	45.7	21.7	41.4	30.7	38.4	52.1
1. Short-term trade accounts payable	81.8	42.2	31.1	33.9	45.9	21.0	47.5	24.5	39.1	15.0	32.1	38.2
2. Short-term advances from customers	1.9	2.9	2.8	2.6	1.9	2.3	2.2	2.1	2.3	3.7	2.7	2.5
3. Taxes and other payables to state authorities	1.6	0.2	0.5	0.1	1.7	1.7	0.3	1.0	2.8	0.7	0.2	0.2
4. Payable to employees	7.7	3.5	4.1	4.9	4.8	4.4	4.6	3.3	3.8	0.1	1.7	1.9
5. Short-term acrrued expenses	—	11.0	1.2	0.8	0.4	8.4	0.4	0.0	0.4	0.0	0.4	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
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
8. Short-term unearned revenue	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	17.9	1.9	12.7	12.6	11.9	0.8	8.9	9.0	9.0	8.6	8.3	8.1
10. Short-term borrowings and financial leases	10.4	10.4	13.3	13.3	-18.0	-18.0	-18.0	-18.0	-18.0	2.8	-6.7	1.5
11. Provision for short-term liabilities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	4.6	0.2	0.2	0.2	3.0	-0.0	-0.2	-0.2	1.9	-0.3	-0.3	-0.3
13. Price stabilization fund	—	—	—	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
II. Long-term liabilities	77.7	61.6	60.5	66.6	103.2	96.0	90.5	96.1	100.6	94.6	99.2	93.6
1. Long-term trade payables	—	—	—	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
3. Long-term acrrued expenses	—	—	—	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
5. Long-term inter-company payables	—	—	—	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
7. Other long-term liabilities	11.3	11.3	11.3	12.3	13.2	13.2	13.2	14.3	14.3	14.3	14.3	14.3
8. Long-term borrowings and financial leases	66.4	50.3	49.3	54.3	90.0	82.8	77.4	81.8	86.3	80.3	84.9	79.3
9. Convertible bonds	—	—	—	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
11. Deferred income tax liabilities	—	—	—	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
13. Fund for technology development	—	—	—	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
B. OWNER'S EQUITY (400=410+430)	207.0	229.1	201.0	192.7	187.1	197.9	183.7	178.0	172.9	189.3	178.7	172.7
I. Owner's equity	207.0	229.1	201.0	192.7	187.1	197.9	183.7	178.0	172.9	189.3	178.7	172.7
1. Owner's capital	122.0	122.0	122.0	122.0	122.0	122.0	122.0	122.0	122.0	122.0	122.0	122.0
- Common stock with voting right	122.0	122.0	122.0	122.0	122.0	122.0	122.0	122.0	122.0	122.0	122.0	122.0
- Preferred stock	—	—	—	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
3. Convertible bond option	—	—	—	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
5. Treasury shares	—	—	—	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
7. Foreign exchange differences	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	85.0	76.1	65.0	65.0	65.1	59.0	50.8	50.8	50.9	46.4	46.4	46.4
9. Fund to support corporate restructuring	—	—	—	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
11. Undistributed earnings after tax	—	31.0	14.0	5.6	0.0	16.9	10.8	5.2	0.0	20.9	10.3	4.3
- Accumulated retained earning at the end of the previous period	—	—	—	0.0	0.0	16.9	0.0	0.0	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	—	31.0	14.0	5.6	0.0	0.0	10.8	5.2	0.0	20.9	10.3	4.3
12. Reserves for investment in construction	—	—	—	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
14. Financial reserves	—	—	—	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
1. Subsidized not-for-profit funds	—	—	—	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
C. MINORITY'S INTEREST	—	—	—	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)	410.6	363.0	327.5	327.8	341.9	314.6	319.9	295.8	314.8	314.6	316.3	318.5

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	-0.4	8.9	19.1	5.6	5.0	8.1	5.2	5.2	17.6	-11.0	6.7	4.3
Depreciation of Fixed Assets and Investment Property	8.9	8.6	8.5	8.6	8.7	8.7	9.1	8.6	35.1	-17.7	9.6	8.1
Provision (Increase)/Reversal	-0.9	—	3.5	0.0	0.0	0.7	-0.7	0.0	5.5	-6.9	6.9	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	0.0	-0.1	-0.1	0.0	0.2	-0.1	0.2	-0.2	-0.0	0.0	-3.1	3.1
Interest Expense	4.8	-3.5	2.4	0.0	-0.8	-2.3	1.9	0.0	5.9	-3.2	3.2	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	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
Other Adjustments	—	—	—	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	15.9	10.4	33.4	14.2	13.0	15.1	15.7	13.5	64.0	-38.8	23.3	15.5
Increase/(Decrease) in Receivables	-3.7	-3.3	2.4	-4.7	-0.6	3.4	-3.4	-0.3	-1.9	0.1	-2.6	2.5
Increase/(Decrease) in Inventory	-1.7	-2.2	0.2	-2.8	2.0	-1.5	-2.1	2.6	4.4	-1.0	1.9	-0.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	46.7	-17.8	23.3	-12.9	27.9	-21.6	19.3	-17.0	20.7	-13.5	16.1	-2.6
Increase/(Decrease) in Prepaid Expenses	-12.6	0.3	-1.7	1.0	0.6	1.7	-3.3	3.5	-0.7	-0.4	-0.7	1.1
Changes in Trading Securities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	2.0	-2.0
Interest Paid	-0.8	-1.0	-1.0	-1.4	-0.6	-0.9	-1.1	-0.9	-5.4	2.7	-1.9	-0.9
Corporate Income Tax Paid	0.0	-2.6	0.0	-1.5	-1.5	0.0	0.0	-2.7	-0.9	0.9	-32.0	31.2
Other Operating Receipts	—	—	—	0.0	-11.7	17.4	-18.2	16.2	0.0	0.0	3.3	-3.3
Other Operating Payments	6.8	-6.8	0.8	-3.6	-25.0	-10.5	5.6	-5.6	-2.3	2.0	-2.0	0.0
Net Cash Flow from Operating Activities	23.0	4.7	33.7	12.0	4.1	3.1	12.6	9.4	77.9	-48.0	7.3	40.7
Payments for Fixed Assets and Other Long-term Assets	-44.8	—	-20.0	0.0	0.0	7.7	-9.2	0.0	-49.5	34.8	-34.8	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
Loans and Purchases of Debt Instruments	—	—	—	0.0	0.0	0.0	-0.8	0.0	-0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.4	0.4	-0.4	0.5	0.0	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	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
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	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
Other Investing Receipts	—	—	—	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
Net Cash Flow from Investing Activities	-64.3	20.3	-20.3	0.5	0.0	7.7	-9.9	0.0	-49.4	34.8	-34.8	0.0
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
Share Repurchases	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	17.9	—	—	0.0	0.0	0.0	0.0	0.0	94.3	-58.6	55.1	3.5
Repayment of Borrowings	-1.8	-1.8	-5.0	-4.4	-1.2	-1.0	-4.4	-4.4	-115.0	69.3	-29.1	-40.2
Repayment of Finance Leases	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-8.7	—	-3.6	-3.6	-11.3	3.8	-3.8	-7.4	0.0	3.2	-3.2
Other Financing Receipts	—	—	—	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
Net Cash Flow from Financing Activities	28.4	-14.1	-1.4	-8.1	-4.8	-12.4	-0.6	-8.3	-28.1	10.7	29.1	-39.8
Net Cash Flow During the Period	-12.9	10.9	12.0	4.5	-0.7	-1.5	2.1	1.1	0.4	-2.5	1.6	0.9
Cash and Cash Equivalents at Beginning of Period	32.5	21.9	9.5	5.1	4.1	4.1	4.5	4.1	4.1	0.0	4.1	3.7
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	19.9	32.5	21.9	9.5	5.1	5.7	7.6	5.2	4.5	0.0	6.5	4.6

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What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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