LHG

Listed Company · HOSE

Price

28,050

Latest close

03 Apr 2026

P/E 4.8x

EPS (TTM) 5,843

ROE (TTM) 16.7%

P/B 0.8x

BVPS (Latest) 36,724

ROA (TTM) 9.2%

What Is Changing

LHG no longer looks like a business simply rebounding from a weak base. Revenue posted +63.1% YoY, while net margin reached 42.34% with an additional -1.9pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income recovered 56.0% to VND 292.5bn in 2025.
Net margin declined from 44.26% in the prior period to 42.34% in 2025.
Revenue growth accelerated to 63.1% in 2025, up 55.9pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	690.7	423.5	394.9	628.9	781.7
Growth	+63%	+7%	-37%	-20%	—
Net Income	292.5	187.4	166.2	203.9	295.0
Net Margin	42.34%	44.26%	42.09%	32.43%	37.74%

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	121.5	112.2	223.2	233.8	94.6	90.7	162.0	76.2	145.0	67.5	66.8	115.7
Growth	+8%	-50%	-4%	+147%	+4%	-44%	+112%	-47%	+115%	+1%	-42%	—
Net Income	46.5	46.1	89.6	110.1	44.8	42.1	67.8	31.5	61.6	32.0	24.4	50.7
Net Margin	38.25%	41.08%	40.12%	47.09%	47.41%	46.46%	41.87%	41.25%	42.52%	47.44%	36.57%	43.86%

Financial Statements

Profitability

Net margin reached 42.34% while Revenue posted +63.1% YoY.

Balance Sheet

Inventory stood at 831.0bn, liabilities at 1,439.7bn, and equity at 1,836.7bn.

Cash Flow

Operating cash flow was 212.4bn in 2025, while investing cash flow was -195.2bn.

Financing cash flow: -44.1bn.

Item	2025	2024	2023	2022	2021
Revenue	690.7	423.5	394.9	628.9	781.7
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	690.7	423.5	394.9	628.9	781.7
Cost of Goods Sold	322.4	201.4	194.0	372.4	0.0
Gross Profit	368.3	222.1	200.8	256.4	411.7
Financial Income	58.0	57.6	85.4	46.6	33.3
Financial Expenses	12.1	23.9	15.1	13.5	-16.5
Interest Expense	12.4	13.8	15.1	13.5	-15.8
Share of Associates and Joint Ventures	—	0.0	0.0	8.3	4.5
Selling Expenses	7.1	5.4	5.7	4.9	-10.3
General and Administrative Expenses	54.9	58.2	57.9	54.8	-49.2
Operating Profit	352.3	192.2	207.5	238.1	373.4
Other Income	11.6	49.3	4.8	18.2	0.0
Other Expenses	0.7	5.1	0.4	1.4	0.0
Other Profit	10.9	44.2	4.4	16.8	2.1
Profit Before Tax	363.2	236.3	212.0	255.0	375.4
Current Income Tax Expense	51.7	49.4	40.5	33.3	-80.4
Deferred Income Tax Expense	19.1	-0.5	5.3	17.8	0.0
Net Income	292.5	187.4	166.2	203.9	295.0
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	292.5	187.4	166.2	203.9	295.0
Earnings per Share	5,107.00	3,205.00	2,691.00	3,691.00	4,720.00
Diluted EPS	5,847.74	3,748.04	3,322.93	4,076.83	5,898.17

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,223.1	2,172.4	2,155.7	2,189.8	2,014.3
I. Cash and cash equivalents	90.1	115.6	244.0	85.0	91.9
1. Cash	75.1	61.6	50.9	69.9	0.0
2. Cash equivalents	15.0	54.0	193.1	15.1	0.0
II. Short-term financial investments	934.3	899.6	946.3	1,138.1	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	934.3	899.6	946.3	1,138.1	0.0
III. Short-term receivables	354.2	315.9	308.4	337.6	303.2
1. Short-term trade accounts receivable	14.5	15.8	14.2	15.9	0.0
2. Short-term prepayments to suppliers	5.5	12.4	11.5	21.3	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	334.4	287.9	282.9	300.6	0.0
7. Provision for short-term doubtful debts (*)	-0.2	-0.2	-0.2	-0.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	831.0	827.8	647.1	622.4	626.9
1. Inventories	831.0	827.8	647.1	622.4	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	13.5	13.5	9.9	6.6	6.7
1. Short-term prepayments	0.7	0.8	0.6	0.8	0.0
2. Value added tax to be reclaimed	12.8	12.7	9.2	5.5	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.4	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)	1,053.2	897.8	899.4	814.0	831.6
I. Long-term receivables	3.8	3.8	5.2	5.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	5.2
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	5.0	5.0	5.0	5.0	0.0
6. Other long-term receivables	3.8	3.8	5.2	5.2	0.0
7. Provision for long-term doubtful debts	-5.0	-5.0	-5.0	-5.0	0.0
II. Fixed assets	51.1	57.9	55.5	60.0	69.6
1. Tangible fixed assets	48.7	55.3	53.8	58.5	68.1
- Cost	150.2	147.9	138.0	135.2	0.0
- Accumulated depreciation	-101.5	-92.6	-84.2	-76.7	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	2.6	1.6	1.5	1.6
- Cost	3.4	4.1	2.9	3.1	0.0
- Accumulated depreciation	-1.1	-1.5	-1.3	-1.5	0.0
III. Investment properties	711.8	550.8	467.9	423.3	466.2
- Cost	1,182.4	967.3	830.4	739.3	0.0
- Accumulated depreciation	-470.6	-416.4	-362.4	-316.0	0.0
IV. Long-term assets in progress	46.1	46.3	97.2	73.2	38.8
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	46.1	46.3	97.2	73.2	0.0
V. Long-term financial investments	192.6	192.3	225.2	203.6	202.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	122.7	122.7	145.5	103.9	0.0
3. Investments in other entities	99.6	99.6	99.6	99.6	0.0
4. Provision for diminution in value of long-term investments	-29.7	-30.0	-20.0	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	47.9	46.6	48.4	48.6	0.0
1. Long-term prepayments	47.9	46.6	48.4	48.6	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	49.7
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)	3,276.3	3,070.2	3,055.1	3,003.7	2,845.9
A. LIABILITIES (300=210+330)	1,439.7	1,407.2	1,460.5	1,469.0	1,383.1
I. Short -term liabilities	733.3	795.2	863.4	919.3	817.9
1. Short-term trade accounts payable	65.5	31.2	29.3	58.5	42.4
2. Short-term advances from customers	28.8	76.6	19.9	27.1	40.5
3. Taxes and other payables to state authorities	6.8	21.0	9.7	3.4	0.0
4. Payable to employees	2.6	7.9	10.3	10.1	0.0
5. Short-term acrrued expenses	530.5	550.6	640.8	671.2	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	0.5	0.0	0.0	0.0
9. Other short-term payables	11.3	4.9	51.1	58.0	0.0
10. Short-term borrowings and financial leases	35.8	54.9	52.7	43.6	46.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	51.8	47.6	49.6	47.3	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	706.4	612.0	597.1	549.7	565.2
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	2.8	1.0	1.4	1.8	1.9
7. Other long-term liabilities	97.0	93.5	75.4	63.2	0.0
8. Long-term borrowings and financial leases	196.0	125.9	128.2	98.0	140.1
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	410.6	391.5	392.0	386.8	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)	1,836.7	1,663.0	1,594.6	1,534.7	1,462.8
I. Owner's equity	1,836.7	1,663.0	1,594.6	1,534.7	0.0
1. Owner's capital	500.1	500.1	500.1	500.1	1,462.8
- Common stock with voting right	500.1	500.1	500.1	500.1	500.1
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	71.8	71.8	71.8	71.8	71.8
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	178.6	144.3	97.2	97.2	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	1,086.2	946.8	925.5	864.9	793.0
- Accumulated retained earning at the end of the previous period	793.7	759.3	759.3	661.0	498.0
- Undistributed earnings in this period	292.5	187.4	166.2	203.9	295.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.7	0.7
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)	3,276.3	3,070.2	3,055.1	3,003.7	2,845.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	363.2	236.3	212.0	255.0	375.4
Depreciation of Fixed Assets and Investment Property	63.3	62.6	54.7	53.8	51.6
Provision (Increase)/Reversal	-0.3	10.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-1.3	-2.0	-1.1	-0.7	0.0
Gain/Loss from Investment Activities	-56.7	-55.6	-84.3	-53.7	0.0
Interest Expense	12.4	13.8	15.1	13.5	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	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	380.6	265.3	196.4	267.8	405.7
Increase/(Decrease) in Receivables	-38.3	13.3	25.8	-35.1	0.0
Increase/(Decrease) in Inventory	-3.3	-180.7	-24.7	4.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-35.5	-50.7	-72.4	126.3	0.0
Increase/(Decrease) in Prepaid Expenses	-1.2	1.7	0.3	1.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-13.6	-13.8	-15.1	-13.5	0.0
Corporate Income Tax Paid	-56.8	-44.1	-37.5	-38.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-19.5	-26.1	-29.7	-38.0	0.0
Net Cash Flow from Operating Activities	212.4	-35.1	43.0	275.4	476.3
Payments for Fixed Assets and Other Long-term Assets	-217.2	-102.4	-118.7	-35.9	-10.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.5	0.0
Loans and Purchases of Debt Instruments	-1,053.4	1,311.7	-856.0	-873.5	-830.6
Receipts from Loan Repayments and Sale of Debt Instruments	1,018.6	-1,265.0	1,056.6	720.9	278.1
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	4.4	0.0	0.0
Dividends and Interest Income Received	56.7	55.6	84.3	45.0	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	-195.2	-0.1	170.5	-143.0	-521.4
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	110.0	50.5	83.0	0.5	18.6
Repayment of Borrowings	-59.1	-50.6	-43.6	-45.5	-41.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-95.0	-95.0	-94.9	-95.1	-94.8
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	-44.1	-95.1	-55.6	-140.0	-117.6
Net Cash Flow During the Period	-26.9	-130.3	158.0	-7.5	-27.3
Cash and Cash Equivalents at Beginning of Period	115.6	244.0	84.9	91.9	260.5
FX Difference from Revaluation	1.3	2.0	1.1	0.7	-0.7
Cash and Cash Equivalents at End of Period	90.1	115.6	244.0	85.0	91.9

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	121.5	112.2	223.2	233.8	94.6	90.7	162.0	76.2	145.0	67.5	66.8	115.7
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	121.5	112.2	223.2	233.8	94.6	90.7	162.0	76.2	145.0	67.5	66.8	115.7
Cost of Goods Sold	72.9	59.8	96.0	93.6	54.6	46.1	68.3	35.6	67.9	35.1	32.7	57.3
Gross Profit	48.6	52.4	127.2	140.1	40.0	44.6	93.7	40.6	77.1	32.4	34.1	58.4
Financial Income	17.1	18.2	7.2	15.6	6.1	23.8	11.0	16.7	24.0	24.2	17.0	16.1
Financial Expenses	1.3	1.0	4.7	5.1	4.8	8.8	3.6	3.7	4.1	4.2	3.5	3.3
Interest Expense	3.0	3.0	3.2	3.2	3.5	3.1	3.6	3.7	4.1	4.2	3.5	3.3
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	3.5	-1.4	4.3
Selling Expenses	1.3	0.4	3.8	1.6	1.6	0.8	2.1	0.9	1.8	1.5	1.7	0.6
General and Administrative Expenses	15.1	12.7	14.3	12.8	16.2	14.3	14.4	13.3	17.5	13.6	14.5	12.4
Operating Profit	48.0	56.5	111.6	136.2	23.5	44.5	84.5	39.5	77.7	40.8	30.0	62.6
Other Income	9.2	0.8	0.5	1.1	39.0	8.5	0.7	0.6	1.9	0.8	2.2	0.1
Other Expenses	0.4	0.3	0.1	0.0	4.9	0.0	0.1	0.0	0.6	0.0	0.0	0.0
Other Profit	8.8	0.6	0.5	1.1	34.1	8.4	0.6	0.6	1.3	0.8	2.2	0.1
Profit Before Tax	56.9	57.1	112.0	137.3	57.6	53.0	85.1	40.0	79.0	41.6	32.2	62.7
Current Income Tax Expense	13.3	13.8	11.1	13.8	15.5	13.5	9.7	11.2	10.8	12.2	10.3	8.0
Deferred Income Tax Expense	-2.9	-2.9	11.3	13.4	-2.7	-2.7	7.6	-2.6	6.6	-2.6	-2.6	3.9
Net Income	46.5	46.1	89.6	110.1	44.8	42.1	67.8	31.5	61.6	32.0	24.4	50.7
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Profit Attributable to Parent	46.5	46.1	89.6	110.1	44.8	42.1	67.8	31.5	61.6	32.0	24.4	50.7
Earnings per Share	929.08	921.66	1,791.01	2,201.16	896.47	842.31	1,355.76	628.92	1,232.42	639.86	487.78	1,014.67
Diluted EPS	929.08	921.66	1,791.01	2,201.16	896.47	842.31	1,355.76	628.92	1,232.42	639.86	487.78	1,014.67

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)	2,222.1	2,218.9	2,294.8	2,315.6	2,168.4	2,090.2	2,182.3	2,157.9	2,155.1	2,083.3	2,150.4	2,151.4
I. Cash and cash equivalents	90.1	99.7	128.2	122.3	115.6	69.6	247.3	89.3	244.0	87.7	67.3	85.8
1. Cash	75.1	69.7	70.3	62.3	61.6	53.6	55.3	49.8	50.9	51.8	51.7	70.4
2. Cash equivalents	15.0	30.0	57.9	60.0	54.0	16.0	192.0	39.4	193.1	35.9	15.6	15.3
II. Short-term financial investments	934.3	916.6	977.4	970.0	899.6	885.4	927.9	1,052.3	946.3	1,009.5	1,097.4	1,118.0
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	934.3	916.6	977.4	970.0	899.6	885.4	927.9	1,052.3	946.3	1,009.5	1,097.4	1,118.0
III. Short-term receivables	353.1	386.6	387.1	401.9	312.1	322.7	329.4	323.4	307.8	316.2	338.4	312.6
1. Short-term trade accounts receivable	14.5	17.8	17.6	17.1	15.8	17.4	17.5	17.6	14.2	16.9	16.8	20.0
2. Short-term prepayments to suppliers	4.5	7.8	8.6	32.7	12.4	11.6	19.2	17.7	11.5	10.9	7.8	10.5
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	334.4	361.3	361.1	352.4	284.1	294.0	292.9	288.4	282.3	288.7	314.1	282.4
7. Provision for short-term doubtful debts (*)	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-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
IV. Inventories	831.0	802.5	788.4	807.0	827.8	800.3	667.2	682.2	647.1	659.3	637.1	627.2
1. Inventories	831.0	802.5	788.4	807.0	827.8	800.3	667.2	682.2	647.1	659.3	637.1	627.2
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	13.5	13.6	13.6	14.4	13.4	12.2	10.5	10.7	9.9	10.5	10.2	7.8
1. Short-term prepayments	0.7	0.8	0.7	0.9	0.6	0.9	0.9	0.8	0.6	0.7	0.9	1.3
2. Value added tax to be reclaimed	12.8	12.8	12.9	12.9	12.7	11.3	9.6	9.2	9.2	9.8	8.5	5.8
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.6	0.0	0.0	0.0	0.7	0.0	0.0	0.8	0.7
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)	1,053.2	939.7	903.9	879.6	897.1	914.4	954.3	899.2	900.6	887.8	882.4	855.8
I. Long-term receivables	3.8	3.8	3.8	3.8	3.8	5.2	5.2	5.2	5.2	5.2	5.2	5.2
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	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0
6. Other long-term receivables	3.8	3.8	3.8	3.8	3.8	5.2	5.2	5.2	5.2	5.2	5.2	5.2
7. Provision for long-term doubtful debts	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0
II. Fixed assets	51.1	52.8	55.0	55.8	57.3	59.4	52.6	53.4	55.5	56.3	58.0	59.7
1. Tangible fixed assets	48.7	50.4	52.6	53.2	54.6	56.7	49.8	51.7	53.8	54.7	56.4	58.2
- Cost	—	—	—	—	147.2	147.1	138.1	138.0	138.0	137.1	137.1	136.9
- Accumulated depreciation	—	—	—	—	-92.6	-90.4	-88.3	-86.2	-84.2	-82.4	-80.7	-78.7
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	2.3	2.4	2.5	2.5	2.6	2.7	2.8	1.6	1.6	1.6	1.6	1.5
- 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
III. Investment properties	711.8	508.6	521.9	536.4	550.8	566.3	578.9	507.2	467.9	480.2	492.9	412.6
- 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	46.1	139.3	88.9	47.3	46.3	42.1	45.3	59.4	94.2	91.8	75.3	122.5
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	46.1	139.3	88.9	47.3	46.3	42.1	45.3	59.4	94.2	91.8	75.3	122.5
V. Long-term financial investments	192.6	190.9	188.9	190.4	192.3	193.6	225.2	225.2	225.2	206.4	202.8	207.8
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	122.7	122.7	122.7	122.7	122.7	122.7	145.5	145.5	145.5	106.7	103.2	108.2
3. Investments in other entities	99.6	99.6	99.6	99.6	99.6	99.6	99.6	99.6	99.6	99.6	99.6	99.6
4. Provision for diminution in value of long-term investments	-29.7	-31.4	-33.4	-32.0	-30.0	-28.7	-20.0	-20.0	-20.0	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	47.9	44.2	45.4	45.9	46.6	47.8	47.2	48.9	52.6	47.9	48.2	48.0
1. Long-term prepayments	47.9	44.2	45.4	45.9	46.6	47.8	47.2	48.9	52.6	47.9	48.2	48.0
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)	3,275.3	3,158.6	3,198.7	3,195.2	3,065.6	3,004.6	3,136.6	3,057.1	3,055.7	2,971.1	3,032.9	3,007.3
A. LIABILITIES (300=210+330)	1,438.6	1,368.4	1,454.8	1,422.2	1,406.2	1,390.1	1,561.8	1,431.0	1,460.8	1,456.6	1,549.6	1,421.8
I. Short -term liabilities	732.2	718.0	844.9	806.9	793.7	776.0	940.8	850.7	865.7	857.0	965.9	855.0
1. Short-term trade accounts payable	63.1	20.1	19.0	25.5	30.4	26.3	37.4	26.7	29.3	38.0	46.6	41.3
2. Short-term advances from customers	28.8	0.6	0.1	86.3	76.6	0.1	0.1	40.0	19.9	8.3	0.2	0.2
3. Taxes and other payables to state authorities	6.8	32.0	34.9	19.0	20.6	46.4	4.8	8.0	10.6	10.3	4.2	2.4
4. Payable to employees	2.6	0.4	5.5	3.2	7.9	5.4	10.2	7.8	10.3	7.7	10.0	7.7
5. Short-term acrrued expenses	532.0	558.6	571.4	561.1	550.6	573.4	627.0	615.0	640.8	635.6	652.2	658.5
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	0.0	0.0
9. Other short-term payables	11.3	5.8	102.5	10.6	5.0	20.0	143.8	49.1	51.1	51.3	145.9	58.4
10. Short-term borrowings and financial leases	35.8	44.2	52.5	55.8	54.9	54.9	56.2	56.2	54.3	43.6	40.0	40.8
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	51.8	56.3	59.1	45.5	47.6	49.4	61.2	48.0	49.6	62.1	66.8	45.7
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	706.4	650.3	609.9	615.3	612.5	614.1	621.1	580.3	595.0	599.7	583.7	566.8
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	2.8	1.5	1.2	1.5	1.5	1.5	1.3	1.2	0.9	1.3	1.5	1.5
7. Other long-term liabilities	97.0	94.4	92.3	96.9	93.5	79.2	75.0	71.7	75.4	74.1	67.4	63.9
8. Long-term borrowings and financial leases	196.0	140.9	99.9	111.9	125.9	139.1	147.8	118.0	126.7	138.8	126.7	110.8
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	410.6	413.5	416.4	405.1	391.5	394.3	397.0	389.4	392.0	385.5	388.1	390.6
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)	1,836.7	1,790.2	1,743.9	1,773.0	1,659.4	1,614.5	1,574.8	1,626.1	1,594.9	1,514.5	1,483.2	1,584.8
I. Owner's equity	1,836.7	1,790.2	1,743.9	1,773.0	1,659.4	1,614.5	1,574.8	1,626.1	1,594.9	1,514.5	1,483.2	1,584.8
1. Owner's capital	500.1	500.1	500.1	500.1	500.1	500.1	500.1	500.1	500.1	500.1	500.1	500.1
- Common stock with voting right	500.1	500.1	500.1	500.1	500.1	500.1	500.1	500.1	500.1	500.1	500.1	500.1
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	71.8	71.8	71.8	71.8	71.8	71.8	71.8	71.8	71.8	71.8	71.8	71.8
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	144.3	144.3	144.3	144.3	144.3	144.3	144.3	97.2	97.2	97.2	97.2	97.2
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	1,120.5	1,074.0	1,027.7	1,056.9	943.2	898.3	858.6	957.0	925.8	845.4	813.4	915.7
- Accumulated retained earning at the end of the previous period	828.0	828.0	828.0	946.8	759.3	759.3	759.3	925.5	759.3	738.3	738.3	864.9
- Undistributed earnings in this period	292.5	246.0	199.7	110.1	183.8	139.0	99.3	31.5	166.5	107.1	75.1	50.7
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	0.7	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	0.7
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	3,275.3	3,158.6	3,198.7	3,195.2	3,065.6	3,004.6	3,136.6	3,057.1	3,055.7	2,971.1	3,032.9	3,007.3

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	113.9	—	249.3	—	0.0	-122.1	122.1	0.0	75.6	41.6	32.1	62.7
Depreciation of Fixed Assets and Investment Property	29.7	—	33.6	—	0.0	-30.6	30.6	0.0	14.5	14.7	12.7	12.8
Provision (Increase)/Reversal	-3.7	—	3.4	—	0.0	-3.0	3.0	0.0	0.0	0.0	-0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.4	—	-0.9	—	0.0	1.8	-1.8	0.0	-1.1	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-34.9	—	-21.8	—	0.0	25.9	-25.9	0.0	-19.2	-29.1	-15.6	-20.4
Interest Expense	5.9	—	6.4	—	0.0	-7.3	7.3	0.0	4.1	4.2	3.5	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
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	110.6	—	270.0	—	0.0	-135.3	135.3	0.0	73.9	31.4	32.7	58.3
Increase/(Decrease) in Receivables	33.0	—	-71.4	—	0.0	21.4	-21.4	0.0	5.0	21.2	-24.8	24.3
Increase/(Decrease) in Inventory	-42.6	—	39.4	—	0.0	20.1	-20.1	0.0	12.3	-22.3	-9.9	-4.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	28.2	—	-63.7	—	0.0	30.5	-30.5	0.0	-1.0	-8.1	-2.4	-61.0
Increase/(Decrease) in Prepaid Expenses	-2.5	—	1.4	—	0.0	-0.9	0.9	0.0	-0.5	0.6	0.2	0.1
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-7.2	—	-6.4	—	0.0	7.3	-7.3	0.0	-4.1	-4.2	-3.5	-3.3
Corporate Income Tax Paid	-24.2	-16.1	0.3	-16.7	-22.2	0.0	-11.3	-10.6	-11.4	-10.6	-9.1	-6.4
Other Operating Receipts	—	—	—	—	61.5	32.8	-1.1	1.1	0.0	0.0	0.0	0.0
Other Operating Payments	46.7	-54.0	85.1	-97.4	-62.2	-118.5	67.9	-80.3	-12.9	-4.7	-10.4	-1.7
Net Cash Flow from Operating Activities	65.4	6.6	31.7	108.8	115.5	33.9	63.6	-41.0	61.3	3.4	-27.2	5.5
Payments for Fixed Assets and Other Long-term Assets	-121.0	-51.9	-10.2	-34.1	-57.1	-166.6	-70.7	-17.8	-6.8	-16.9	-44.1	-51.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	-0.1	0.2	0.0	0.0
Loans and Purchases of Debt Instruments	-447.7	—	-605.6	—	0.0	638.3	-638.3	0.0	-182.1	-256.5	-146.5	-271.0
Receipts from Loan Repayments and Sale of Debt Instruments	490.8	—	527.8	—	0.0	-656.8	656.8	0.0	254.0	344.4	167.1	291.1
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	4.4	0.0	0.0	0.0
Dividends and Interest Income Received	16.7	18.2	12.2	9.7	14.0	16.3	9.1	16.7	26.2	24.9	17.0	16.1
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	-122.0	27.1	-11.4	-88.9	-56.2	-107.8	62.8	-107.0	95.7	96.1	-6.5	-14.7
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	62.0	48.0	—	—	0.0	4.5	43.0	3.0	9.1	25.7	25.7	22.5
Repayment of Borrowings	-15.3	-15.3	-15.3	-13.2	-13.2	-14.5	-13.2	-9.7	-10.5	-10.0	-10.5	-12.5
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-94.9	-0.0	—	-0.2	-93.8	0.0	0.0	-0.2	-94.7	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	46.7	-62.2	-15.3	-13.2	-13.4	-103.8	29.8	-6.7	-1.6	-79.1	15.2	10.0
Net Cash Flow During the Period	-9.9	-28.6	5.0	6.7	46.0	-177.7	156.2	-154.8	155.3	20.4	-18.5	0.7
Cash and Cash Equivalents at Beginning of Period	99.7	128.2	122.3	115.6	244.0	244.0	244.0	244.0	84.9	85.0	85.0	85.0
FX Difference from Revaluation	1.3	0.9	0.9	—	0.1	0.0	1.8	0.0	1.1	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	90.1	99.7	128.2	122.3	115.6	69.6	247.3	89.3	244.0	87.7	67.3	85.8

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