LDP

Listed Company · HNX

Price

8,000

Latest close

03 Apr 2026

P/E 5.0x

EPS (TTM) 1,596

ROE (TTM) 18.9%

P/B 0.8x

BVPS (Latest) 10,163

ROA (TTM) 10.6%

What Is Changing

LDP no longer looks like a business simply rebounding from a weak base. Revenue posted +11.9% YoY, while net margin reached 11.71% with an additional +8.5pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from -10.81% in 2023 to 11.71% in 2025.
Net Income recovered 312.7% to VND 28.6bn in 2025.
Revenue increased 11.9% YoY to VND 243.9bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	243.9	218.0	186.0	187.4	161.9
Growth	+12%	+17%	-1%	+16%	—
Net Income	28.6	6.9	-20.1	-38.9	39.1
Net Margin	11.71%	3.17%	-10.81%	-20.76%	24.13%

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	73.8	59.2	50.0	60.9	71.8	53.1	47.7	45.3	45.3	52.4	45.4	42.8
Growth	+25%	+18%	-18%	-15%	+35%	+11%	+5%	-0%	-14%	+15%	+6%	—
Net Income	21.4	3.7	1.2	1.0	3.0	2.0	1.6	0.2	-9.9	-1.0	-2.9	-6.4
Net Margin	29.02%	6.32%	2.45%	1.67%	4.21%	3.70%	3.45%	0.39%	-21.76%	-1.90%	-6.32%	-14.88%

Financial Statements

Profitability

Net margin reached 11.71% while Revenue posted +11.9% YoY.

Balance Sheet

Inventory stood at 55.4bn, liabilities at 116.3bn, and equity at 191.5bn.

Cash Flow

Operating cash flow was 3.5bn in 2025, while investing cash flow was -62.7bn.

Financing cash flow: 66.4bn.

Item	2025	2024	2023	2022	2021
Revenue	245.6	218.4	186.3	188.0	162.3
Revenue Deductions	1.7	0.5	0.3	0.6	0.0
Net Revenue	243.9	218.0	186.0	187.4	161.9
Cost of Goods Sold	162.7	153.6	148.8	149.9	0.0
Gross Profit	81.2	64.4	37.2	37.5	21.0
Financial Income	1.0	0.3	0.8	2.8	31.6
Financial Expenses	5.1	7.0	7.7	16.4	-3.2
Interest Expense	4.2	5.0	7.0	7.5	-2.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	39.6	30.9	29.9	39.7	-30.5
General and Administrative Expenses	24.2	20.2	19.6	23.1	-10.8
Operating Profit	13.4	6.6	-19.2	-38.9	8.0
Other Income	15.4	0.6	0.3	0.4	0.0
Other Expenses	0.1	0.2	1.2	0.3	0.0
Other Profit	15.3	0.3	-0.9	0.0	34.3
Profit Before Tax	28.7	6.9	-20.1	-38.9	42.4
Current Income Tax Expense	0.1	0.0	0.0	0.0	-3.3
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	28.6	6.9	-20.1	-38.9	39.1
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	28.6	6.9	-20.1	-38.9	39.1
Earnings per Share	2,030.00	545.00	-1,583.00	-3,063.00	3,074.00
Diluted EPS	2,030.00	545.00	-1,583.00	-3,063.00	3,074.87

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	250.5	156.7	140.0	159.0	144.2
I. Cash and cash equivalents	18.6	11.5	16.2	16.6	65.2
1. Cash	11.6	4.5	7.2	9.6	0.0
2. Cash equivalents	7.0	7.0	9.0	7.0	0.0
II. Short-term financial investments	2.0	4.7	3.1	1.8	0.0
1. Available for sale securities	—	8.1	6.1	6.3	0.0
2. Provision for diminution in value of available for sale securities (*)	—	-5.4	-5.0	-4.5	0.0
3. Held to maturity investments	2.0	2.0	2.0	0.0	0.0
III. Short-term receivables	171.4	89.1	82.2	83.2	24.2
1. Short-term trade accounts receivable	54.6	35.5	27.9	24.1	0.0
2. Short-term prepayments to suppliers	117.9	51.8	50.3	51.5	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	8.0	8.0	8.0	8.0	0.0
6. Other short-term receivables	1.4	2.4	2.8	2.3	0.0
7. Provision for short-term doubtful debts (*)	-10.6	-8.5	-6.7	-2.7	0.0
8. Assets awaiting resolution	0.2	0.0	0.0	0.0	0.0
IV. Inventories	55.4	49.0	37.8	56.0	54.6
1. Inventories	55.4	49.0	37.8	56.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	3.0	2.5	0.7	1.4	0.3
1. Short-term prepayments	1.9	2.1	0.2	1.0	0.0
2. Value added tax to be reclaimed	0.9	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.3	0.4	0.4	0.5	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)	57.3	50.4	54.8	69.4	71.6
I. Long-term receivables	9.8	0.2	0.0	0.2	0.0
1. Long-term trade receivables	9.3	0.0	0.0	0.0	1.1
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	0.5	0.2	0.0	0.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	35.7	39.8	46.6	55.5	61.5
1. Tangible fixed assets	35.7	39.7	46.3	55.1	60.7
- Cost	100.4	124.3	125.1	130.0	0.0
- Accumulated depreciation	-64.8	-84.6	-78.7	-74.9	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	—	0.1	0.2	0.5	0.7
- Cost	1.7	2.2	2.2	2.3	0.0
- Accumulated depreciation	-1.7	-2.1	-2.0	-1.8	0.0
III. Investment properties	2.2	2.3	2.4	2.5	2.6
- Cost	4.2	4.2	3.8	3.8	0.0
- Accumulated depreciation	-2.0	-1.9	-1.5	-1.3	0.0
IV. Long-term assets in progress	3.0	2.9	0.0	0.7	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	3.0	2.9	0.0	0.7	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	6.7	5.4	5.9	10.5	0.0
1. Long-term prepayments	6.7	5.4	5.9	10.5	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	6.5
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)	307.8	207.2	194.8	228.4	215.8
A. LIABILITIES (300=210+330)	116.3	107.9	102.4	115.9	61.3
I. Short -term liabilities	114.5	106.1	100.7	113.6	57.2
1. Short-term trade accounts payable	31.0	31.5	23.5	31.8	14.0
2. Short-term advances from customers	2.0	0.7	0.9	1.8	0.5
3. Taxes and other payables to state authorities	3.6	1.0	0.6	1.1	0.0
4. Payable to employees	7.3	7.5	3.6	3.6	0.0
5. Short-term acrrued expenses	11.0	7.7	3.6	1.7	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	0.1	0.1	0.0	0.1	0.1
9. Other short-term payables	2.3	1.9	1.3	1.4	0.0
10. Short-term borrowings and financial leases	57.0	55.0	66.0	70.3	30.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.3	0.5	1.1	1.9	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	1.8	1.8	1.7	2.3	4.1
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	1.8	1.8	1.7	1.7	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.6	2.3
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)	191.5	99.3	92.4	112.5	154.6
I. Owner's equity	191.5	99.3	92.4	112.5	0.0
1. Owner's capital	187.3	127.0	127.0	127.0	154.6
- Common stock with voting right	187.3	127.0	127.0	127.0	127.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	4.2	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	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	—	24.3	24.3	24.3	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	-52.1	-59.0	-38.9	13.5
- Accumulated retained earning at the end of the previous period	-28.5	-59.0	-38.9	0.0	-25.6
- Undistributed earnings in this period	28.6	6.9	-20.1	-38.9	39.1
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)	307.8	207.2	194.8	228.4	215.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	28.7	6.9	-20.1	-38.9	42.4
Depreciation of Fixed Assets and Investment Property	5.7	7.0	8.2	8.9	-20.7
Provision (Increase)/Reversal	2.2	2.3	4.6	4.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-14.4	-0.3	0.1	-1.4	0.0
Interest Expense	4.2	5.0	7.0	7.5	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	0.7	0.0	0.0
Operating Profit Before Changes in Working Capital	26.4	20.9	0.6	-19.6	-7.7
Increase/(Decrease) in Receivables	-18.6	-8.9	-2.6	-50.3	0.0
Increase/(Decrease) in Inventory	-6.5	-11.2	18.2	-1.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	3.7	14.0	-9.4	15.3	0.0
Increase/(Decrease) in Prepaid Expenses	-1.1	-1.4	5.4	-4.6	0.0
Changes in Trading Securities	2.6	-2.0	0.0	-6.3	0.0
Interest Paid	-2.1	-1.9	-5.4	-6.6	0.0
Corporate Income Tax Paid	—	0.0	0.0	-3.3	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-1.0	-0.6	-0.8	-0.1	0.0
Net Cash Flow from Operating Activities	3.5	8.8	6.0	-77.0	-6.3
Payments for Fixed Assets and Other Long-term Assets	-63.0	-2.9	-0.1	-3.6	-5.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	0.0	0.1	43.5
Loans and Purchases of Debt Instruments	-2.0	0.0	-2.0	-17.8	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	2.0	0.0	0.0	9.8	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	0.4	0.3	0.5	1.3	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	-62.7	-2.6	-1.5	-10.2	69.3
Proceeds from Equity Issuance and Capital Contributions	64.5	0.0	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	143.2	118.8	117.6	210.6	77.3
Repayment of Borrowings	-141.3	-129.8	-122.6	-172.0	-94.3
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	66.4	-10.9	-4.9	38.6	-17.0
Net Cash Flow During the Period	7.2	-4.8	-0.4	-48.5	53.2
Cash and Cash Equivalents at Beginning of Period	11.5	16.2	16.6	65.2	19.2
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	18.6	11.5	16.2	16.6	65.2

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	74.6	59.8	50.1	61.1	72.2	53.2	47.7	45.3	45.4	52.4	45.6	42.9
Revenue Deductions	0.8	0.7	0.1	0.2	0.4	0.1	0.0	0.0	0.1	0.0	0.2	0.0
Net Revenue	73.8	59.2	50.0	60.9	71.8	53.1	47.7	45.3	45.3	52.4	45.4	42.8
Cost of Goods Sold	50.5	38.0	34.0	40.2	49.8	37.4	33.1	33.3	37.6	39.2	37.1	34.9
Gross Profit	23.3	21.2	16.0	20.7	22.0	15.7	14.6	12.1	7.7	13.2	8.4	7.9
Financial Income	0.2	0.1	0.3	0.4	0.1	0.1	0.1	0.1	0.1	0.2	0.4	0.1
Financial Expenses	1.6	1.4	0.0	2.0	2.6	1.2	1.7	1.5	3.3	0.8	1.0	2.6
Interest Expense	1.2	1.2	-0.0	1.7	1.0	1.2	1.4	1.5	3.3	0.8	1.1	1.8
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	10.6	9.7	9.7	9.9	10.4	8.0	5.8	6.8	6.9	9.0	6.6	7.5
General and Administrative Expenses	5.1	6.5	5.4	8.2	6.3	4.5	5.7	3.8	6.6	4.5	4.0	4.4
Operating Profit	6.2	3.7	1.2	1.0	2.8	2.0	1.5	0.1	-9.0	-0.9	-2.8	-6.4
Other Income	15.3	0.0	0.0	0.1	0.4	0.0	0.2	0.0	0.1	0.0	0.1	0.1
Other Expenses	0.1	0.0	0.0	0.0	0.1	0.1	0.0	0.0	0.9	0.1	0.2	0.0
Other Profit	15.2	0.0	0.0	0.1	0.3	-0.1	0.1	0.0	-0.9	-0.1	-0.1	0.1
Profit Before Tax	21.4	3.7	1.2	1.0	3.0	2.0	1.6	0.2	-9.9	-1.0	-2.9	-6.4
Current Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	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
Net Income	21.4	3.7	1.2	1.0	3.0	2.0	1.6	0.2	-9.9	-1.0	-2.9	-6.4
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	21.4	3.7	1.2	1.0	3.0	2.0	1.6	0.2	-9.9	-1.0	-2.9	-6.4
Earnings per Share	1,144.00	280.00	92.00	80.00	238.00	155.00	130.00	14.00	-777.00	-78.00	-226.00	-502.00
Diluted EPS	1,144.00	280.00	92.00	80.00	536.00	155.00	130.00	14.00	-777.00	-78.00	-226.00	-502.00

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)	259.9	173.8	163.5	161.4	156.6	134.3	142.0	136.4	140.2	144.3	150.7	153.9
I. Cash and cash equivalents	18.6	15.6	16.6	16.1	11.5	12.5	15.6	15.1	16.2	12.1	17.6	17.0
1. Cash	11.6	8.6	9.6	9.1	4.5	5.5	8.6	6.1	7.2	3.0	6.5	4.0
2. Cash equivalents	7.0	7.0	7.0	7.0	7.0	7.0	7.0	9.0	9.0	9.1	11.0	13.0
II. Short-term financial investments	2.0	4.3	4.5	4.2	4.7	5.8	2.8	3.1	3.1	3.1	1.1	1.0
1. Available for sale securities	—	2.3	2.5	2.2	8.1	9.1	6.1	6.1	6.1	6.1	6.1	6.1
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	-5.4	-5.3	-5.3	-5.0	-5.0	-5.0	-5.0	-5.1
3. Held to maturity investments	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	0.0	0.0
III. Short-term receivables	180.7	100.6	91.7	93.6	89.0	76.9	81.6	82.5	82.2	90.8	85.5	85.7
1. Short-term trade accounts receivable	63.9	42.5	33.9	38.3	35.5	22.9	29.6	27.9	27.9	33.4	26.0	26.1
2. Short-term prepayments to suppliers	117.9	59.0	58.5	55.9	51.7	51.5	50.3	50.8	50.3	50.3	51.6	51.5
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	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0
6. Other short-term receivables	1.4	1.6	1.8	2.0	2.4	3.0	2.2	2.5	2.8	3.0	3.0	2.9
7. Provision for short-term doubtful debts (*)	-10.6	-10.6	-10.6	-10.6	-8.5	-8.5	-8.5	-6.7	-6.7	-3.9	-3.2	-2.8
8. Assets awaiting resolution	0.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	55.4	52.3	48.9	45.4	49.0	38.2	40.9	34.8	37.8	37.5	45.8	49.4
1. Inventories	55.4	52.3	48.9	45.4	49.0	38.2	40.9	34.8	37.8	37.5	45.8	49.4
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	3.2	1.1	1.9	2.0	2.5	1.0	1.1	0.8	0.9	0.8	0.7	0.8
1. Short-term prepayments	1.9	0.6	1.4	1.6	2.1	0.6	0.6	0.4	0.4	0.3	0.2	0.4
2. Value added tax to be reclaimed	0.9	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
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)	48.0	49.1	50.5	50.0	50.4	49.2	51.0	52.7	54.6	57.9	63.0	66.1
I. Long-term receivables	0.5	0.5	0.4	0.1	0.2	0.2	0.1	0.0	0.0	0.0	0.1	0.1
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	0.5	0.5	0.4	0.1	0.2	0.2	0.1	0.0	0.0	0.0	0.1	0.1
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	35.7	37.8	39.1	40.5	39.8	41.4	43.1	44.8	46.6	49.5	51.5	53.5
1. Tangible fixed assets	35.7	37.8	39.1	40.5	39.7	41.3	42.9	44.6	46.3	49.1	51.1	53.1
- Cost	—	—	—	—	124.3	124.8	125.1	125.1	125.1	130.0	130.0	130.0
- Accumulated depreciation	—	—	—	—	-84.6	-83.5	-82.2	-80.5	-78.7	-80.9	-78.9	-76.9
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	—	0.0	0.0	0.0	0.1	0.1	0.2	0.2	0.2	0.3	0.4	0.4
- 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	2.2	2.2	2.2	2.2	2.3	2.3	2.3	2.3	2.4	2.4	2.4	2.5
- 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	3.0	2.0	2.0	1.6	2.9	0.0	0.0	0.0	0.0	0.0	0.7	0.7
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	3.0	2.0	2.0	1.6	2.9	0.0	0.0	0.0	0.0	0.0	0.7	0.7
V. Long-term financial investments	—	—	—	—	0.0	0.0	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	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	—	—	—	—	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	6.7	6.6	6.7	5.5	5.4	5.2	5.4	5.6	5.6	6.1	8.3	9.3
1. Long-term prepayments	6.7	6.6	6.7	5.5	5.4	5.2	5.4	5.6	5.6	6.1	8.3	9.3
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)	307.9	222.9	214.0	211.4	207.0	183.5	192.9	189.1	194.8	202.2	213.7	220.0
A. LIABILITIES (300=210+330)	117.6	112.1	106.9	111.1	107.9	87.3	98.8	96.5	102.4	100.0	110.4	113.9
I. Short -term liabilities	115.8	110.3	105.1	109.3	106.1	85.6	97.0	94.8	100.7	98.2	108.6	111.9
1. Short-term trade accounts payable	31.0	22.9	22.7	24.6	31.5	18.7	21.4	19.5	23.5	20.7	26.9	27.5
2. Short-term advances from customers	2.0	1.9	1.8	1.4	0.7	0.5	0.6	0.7	0.9	0.9	2.5	3.3
3. Taxes and other payables to state authorities	3.6	3.2	2.4	1.1	1.0	2.6	0.7	0.5	0.6	4.1	2.1	1.3
4. Payable to employees	8.3	6.2	5.1	5.5	7.5	4.5	2.9	3.0	2.8	2.6	2.5	2.7
5. Short-term acrrued expenses	11.3	11.1	8.6	9.3	7.7	6.5	5.5	4.7	4.4	1.6	2.0	3.1
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	0.1	0.5	0.1	0.5	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.1
9. Other short-term payables	2.2	3.9	2.6	2.8	1.9	1.9	2.0	1.8	1.3	1.7	1.6	1.7
10. Short-term borrowings and financial leases	57.0	60.4	61.3	63.8	55.0	50.1	62.9	63.5	66.0	65.5	69.7	70.3
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.3	0.4	0.4	0.4	0.5	0.7	0.9	1.0	1.1	1.2	1.3	1.8
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	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.7	1.7	1.7	1.8	2.0
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	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.7	1.7	1.7	1.7	1.7
8. Long-term borrowings and financial leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.3
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)	190.3	110.8	107.1	100.3	99.2	96.2	94.2	92.5	92.4	102.2	103.2	106.1
I. Owner's equity	190.3	110.8	107.1	100.3	99.2	96.2	94.2	92.5	92.4	102.2	103.2	106.1
1. Owner's capital	187.3	133.4	133.4	127.0	127.0	127.0	127.0	127.0	127.0	127.0	127.0	127.0
- Common stock with voting right	187.3	133.4	133.4	127.0	127.0	127.0	127.0	127.0	127.0	127.0	127.0	127.0
- 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	-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	—	24.3	24.3	24.3	24.3	24.3	24.3	24.3	24.3	24.3	24.3	24.3
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	3.1	-46.9	-50.7	-51.1	-52.2	-55.2	-57.2	-58.8	-59.0	-49.1	-48.2	-45.3
- Accumulated retained earning at the end of the previous period	-24.3	-52.9	-52.9	-52.1	-59.0	-59.0	-59.0	-59.0	-38.9	-38.9	-38.9	-38.9
- Undistributed earnings in this period	27.4	6.0	2.2	1.0	6.8	3.8	1.8	0.2	-20.1	-10.2	-9.2	-6.4
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)	307.9	222.9	214.0	211.4	207.0	183.5	192.9	189.1	194.8	202.2	213.7	220.0

Item	Q4'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22
Profit Before Tax	26.5	1.2	1.0	3.0	2.0	1.6	0.2	-20.1	9.2	-2.9	-6.4	-11.6
Depreciation of Fixed Assets and Investment Property	2.8	1.4	1.5	1.2	1.7	1.8	1.8	8.2	-4.2	2.1	2.1	2.1
Provision (Increase)/Reversal	0.0	5.6	-3.3	0.1	0.0	2.2	0.0	4.6	-1.2	1.0	0.2	3.8
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	-14.2	-0.1	—	-0.0	0.2	-0.2	-0.0	0.1	0.6	-2.1	1.5	-7.4
Interest Expense	2.5	-0.0	1.7	1.0	1.2	1.4	1.5	7.0	-2.9	1.1	1.8	3.3
Gain/Loss on Disposal of Fixed Assets	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.7	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	17.5	8.1	0.9	5.2	5.0	6.8	3.5	0.6	1.5	-0.8	-0.7	-9.8
Increase/(Decrease) in Receivables	-13.7	1.6	-6.5	-12.0	4.6	-1.1	-0.3	-2.6	2.4	0.1	-2.6	-1.8
Increase/(Decrease) in Inventory	-6.5	-3.5	3.6	-10.8	2.7	-6.2	3.0	18.2	-10.1	3.6	6.6	3.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	11.5	-1.2	-6.7	15.8	3.3	1.2	-3.3	-9.4	3.5	-0.9	-2.6	-13.2
Increase/(Decrease) in Prepaid Expenses	-0.4	-1.1	0.4	-1.7	0.3	-0.1	0.1	5.4	-2.9	1.1	1.8	3.3
Changes in Trading Securities	—	—	—	1.0	-3.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0
Interest Paid	-1.0	-0.6	-0.5	-1.0	-2.9	0.4	-1.5	-5.4	3.1	-2.2	-0.9	-2.4
Corporate Income Tax Paid	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-6.6
Other Operating Receipts	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.7
Other Operating Payments	-0.1	-0.8	-0.1	-0.2	-0.1	-0.1	-0.1	-0.8	0.6	-0.6	-0.1	-12.3
Net Cash Flow from Operating Activities	9.7	-3.2	-3.1	-3.6	9.8	1.0	1.3	6.0	-1.8	0.3	1.5	-38.3
Payments for Fixed Assets and Other Long-term Assets	-61.6	-0.4	-1.1	-2.4	-0.0	-0.0	0.0	-0.1	0.1	0.0	-0.1	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	0.1	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.1
Loans and Purchases of Debt Instruments	-2.0	—	—	0.0	0.0	0.0	0.0	-2.0	2.0	-2.0	0.0	26.2
Receipts from Loan Repayments and Sale of Debt Instruments	2.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-10.9
Investments in Other Entities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	61.0
Proceeds from Investments in Other Entities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	-39.0
Dividends and Interest Income Received	0.2	0.1	—	0.0	-0.2	0.2	0.0	0.5	-0.3	0.2	0.1	0.5
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	-61.4	-0.2	-1.1	-2.3	-0.2	0.1	0.0	-1.5	1.7	-1.8	0.1	37.8
Proceeds from Equity Issuance and Capital Contributions	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-22.0
Share Repurchases	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	62.1	38.3	42.8	38.3	25.7	32.4	22.5	117.6	-61.1	30.3	30.8	56.7
Repayment of Borrowings	-66.5	-40.8	-33.9	-33.3	-38.5	-33.0	-25.0	-122.6	62.2	-30.2	-32.0	-40.7
Repayment of Finance Leases	—	—	—	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
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	53.8	3.8	8.8	4.9	-12.8	-0.6	-2.4	-4.9	1.1	0.1	-1.2	-6.0
Net Cash Flow During the Period	2.0	0.4	4.7	-1.0	-3.2	0.5	-1.1	-0.4	1.0	-1.4	0.4	-6.4
Cash and Cash Equivalents at Beginning of Period	11.5	16.1	11.5	16.2	16.2	16.2	16.2	16.6	0.0	16.6	16.6	65.2
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	18.6	16.6	16.1	11.5	12.5	15.6	15.1	16.2	0.0	15.6	17.0	16.6

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.

LDP

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

Related Research