LLM

Listed Company · UPCOM

Price

22,200

Latest close

03 Apr 2026

P/E 5.4x

EPS (TTM) 4,088

ROE (TTM) 29.2%

P/B 1.4x

BVPS (Latest) 15,832

ROA (TTM) 4.8%

What Is Changing

LLM has not yet shown a broad-based top-line recovery. Revenue posted -11.0% YoY, but net margin reached 8.71% with an additional +7.4pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from -0.38% in 2023 to 8.71% in 2025.
Revenue decreased 11.0% YoY to VND 5,432.6bn in 2025.
Net Income reached a multi-period high at VND 473.4bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	5,432.6	6,101.3	5,079.0	2,892.1	3,825.1
Growth	-11%	+20%	+76%	-24%	—
Net Income	473.4	79.2	-19.5	-54.3	-19.7
Net Margin	8.71%	1.30%	-0.38%	-1.88%	-0.52%

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	1,712.9	668.2	712.4	2,326.8	1,008.6	1,747.9	1,694.6	1,650.8	2,430.2	1,370.6	855.2	421.2
Growth	+156%	-6%	-69%	+131%	-42%	+3%	+3%	-32%	+77%	+60%	+103%	—
Net Income	147.9	96.1	13.1	50.0	8.8	12.7	17.6	33.9	26.0	4.2	-45.0	-5.9
Net Margin	8.64%	14.37%	1.84%	2.15%	0.87%	0.73%	1.04%	2.05%	1.07%	0.31%	-5.26%	-1.40%

Financial Statements

Profitability

Net margin reached 8.71% while Revenue posted -11.0% YoY.

Balance Sheet

Inventory stood at 763.1bn, liabilities at 5,937.8bn, and equity at 1,416.0bn.

Cash Flow

Operating cash flow was -5.7bn in 2025, while investing cash flow was 46.4bn.

Financing cash flow: -360.0bn.

Item	2025	2024	2023	2022	2021
Revenue	5,432.6	6,101.3	5,079.0	2,892.1	3,825.1
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	5,432.6	6,101.3	5,079.0	2,892.1	3,825.1
Cost of Goods Sold	5,052.3	5,995.3	4,959.4	2,801.9	0.0
Gross Profit	380.3	106.0	119.6	90.2	201.3
Financial Income	140.0	147.2	139.2	116.8	57.1
Financial Expenses	132.9	132.4	131.0	134.2	-150.7
Interest Expense	62.5	91.2	94.1	90.7	-90.5
Share of Associates and Joint Ventures	8.3	1.3	-22.4	-54.2	-1.2
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	32.8	56.0	119.8	40.4	-105.1
Operating Profit	362.9	66.1	-14.4	-21.8	1.4
Other Income	210.0	29.5	11.7	7.5	0.0
Other Expenses	6.7	12.8	9.4	14.5	0.0
Other Profit	203.3	16.7	2.3	-7.0	8.6
Profit Before Tax	566.2	82.8	-12.1	-28.8	10.0
Current Income Tax Expense	91.8	1.4	1.6	18.8	-29.7
Deferred Income Tax Expense	1.0	2.1	5.8	6.7	0.0
Net Income	473.4	79.2	-19.5	-54.3	-19.7
Non-controlling Interest	-18.7	-13.5	-23.7	-29.0	-35.2
Profit Attributable to Parent	492.0	92.7	4.2	-25.2	15.4
Earnings per Share	6,172.00	1,163.00	53.00	-317.00	89.00
Diluted EPS	6,171.63	1,162.66	52.98	-316.68	193.40

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	6,533.1	5,257.7	5,541.1	5,330.7	6,447.4
I. Cash and cash equivalents	2,699.2	2,976.5	2,738.0	2,600.6	1,228.7
1. Cash	1,708.6	1,538.8	1,305.6	1,248.8	0.0
2. Cash equivalents	990.5	1,437.7	1,432.5	1,351.8	0.0
II. Short-term financial investments	6.5	6.4	5.8	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	6.5	6.4	5.8	0.0	0.0
III. Short-term receivables	2,957.0	1,717.0	2,294.6	1,937.1	4,154.5
1. Short-term trade accounts receivable	2,895.5	1,403.7	1,762.0	1,464.9	0.0
2. Short-term prepayments to suppliers	436.9	716.6	923.8	845.7	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	353.5	359.3	363.3	369.3	0.0
6. Other short-term receivables	460.3	470.9	484.6	450.8	0.0
7. Provision for short-term doubtful debts (*)	-1,189.3	-1,233.5	-1,239.1	-1,193.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	763.1	439.3	433.1	737.4	973.3
1. Inventories	763.1	439.3	433.1	737.4	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	107.4	118.6	69.6	55.6	87.5
1. Short-term prepayments	0.7	1.1	1.3	1.4	0.0
2. Value added tax to be reclaimed	90.3	47.3	31.0	14.4	0.0
3. Taxes and other receivables from state authorities	16.4	70.3	37.3	39.9	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)	820.7	858.8	829.0	872.9	949.0
I. Long-term receivables	0.2	8.7	8.7	8.8	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	8.7
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	0.2	8.7	8.7	8.8	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	114.7	119.8	132.7	148.9	170.2
1. Tangible fixed assets	96.3	101.0	113.4	127.5	134.8
- Cost	723.3	726.6	732.8	732.8	0.0
- Accumulated depreciation	-626.9	-625.6	-619.4	-605.3	0.0
2. Financial leased fixed assets	2.1	2.5	2.9	5.1	19.1
- Cost	3.5	3.5	3.5	7.0	0.0
- Accumulated depreciation	-1.5	-1.0	-0.6	-1.9	0.0
3. Intangible fixed assets	16.3	16.3	16.4	16.3	16.3
- Cost	18.5	18.5	18.5	18.4	0.0
- Accumulated depreciation	-2.2	-2.2	-2.1	-2.1	0.0
III. Investment properties	10.8	13.1	15.4	17.7	20.0
- Cost	57.1	57.1	57.1	57.1	0.0
- Accumulated depreciation	-46.3	-44.0	-41.7	-39.4	0.0
IV. Long-term assets in progress	39.2	36.8	31.9	40.8	40.8
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	39.2	36.8	31.9	40.8	0.0
V. Long-term financial investments	556.3	550.7	552.5	577.1	636.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	330.8	322.5	321.2	343.6	0.0
3. Investments in other entities	255.2	255.2	255.2	255.2	0.0
4. Provision for diminution in value of long-term investments	-30.2	-27.3	-24.1	-22.1	0.0
5. Held to maturity investments	0.4	0.3	0.2	0.3	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	99.5	129.6	87.7	79.5	0.0
1. Long-term prepayments	99.5	129.6	87.7	79.5	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	72.8
5. Goodwill	—	0.0	0.0	0.1	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	7,353.8	6,116.5	6,370.1	6,203.6	7,396.4
A. LIABILITIES (300=210+330)	5,937.8	5,138.3	5,426.6	5,223.2	6,342.9
I. Short -term liabilities	5,312.5	4,685.1	5,315.3	5,148.5	6,292.9
1. Short-term trade accounts payable	1,475.3	1,499.6	1,898.1	2,086.4	3,875.4
2. Short-term advances from customers	461.3	320.8	454.4	866.2	112.5
3. Taxes and other payables to state authorities	71.8	5.7	6.5	23.2	0.0
4. Payable to employees	95.3	96.9	87.0	42.2	0.0
5. Short-term acrrued expenses	1,471.8	873.7	849.1	639.3	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	1.1	0.8	0.8	0.9	0.7
9. Other short-term payables	296.7	311.6	272.3	261.0	0.0
10. Short-term borrowings and financial leases	998.2	1,329.7	1,623.1	1,120.8	1,530.8
11. Provision for short-term liabilities	386.3	188.6	63.2	48.1	0.0
12.. Bonus and welfare fund	54.8	57.9	60.7	60.5	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	625.2	453.2	111.3	74.8	50.0
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	1.6	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	13.1	13.7	14.4	15.0	15.7
7. Other long-term liabilities	1.2	1.2	1.2	0.9	0.0
8. Long-term borrowings and financial leases	0.4	1.1	1.8	2.6	0.6
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	16.8	15.8	13.7	7.9	0.0
12. Provision for long-term liabilities	593.8	421.4	80.3	46.8	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)	1,416.0	978.2	943.5	980.3	1,053.5
I. Owner's equity	1,416.3	978.5	943.8	980.6	0.0
1. Owner's capital	797.3	797.3	797.3	797.3	1,054.1
- Common stock with voting right	797.3	797.3	797.3	797.3	797.3
- 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	1.1	1.1	1.1	1.1	1.7
5. Treasury shares	—	0.0	0.0	0.0	0.0
6. Assets revaluation differences	-32.4	-32.4	-32.4	-32.4	0.0
7. Foreign exchange differences	-3.2	-7.5	-10.9	-10.8	0.0
8. Investment and development fund	125.0	107.9	91.8	83.8	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	0.0
11. Undistributed earnings after tax	618.3	183.1	154.4	174.6	215.8
- Accumulated retained earning at the end of the previous period	126.2	90.4	150.2	199.8	199.1
- Undistributed earnings in this period	492.0	92.7	4.2	-25.2	16.7
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	-89.8	-71.1	-57.6	-33.0	-5.8
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	-0.3	-0.3	-0.3	-0.3	-0.6
1. Subsidized not-for-profit funds	-0.3	-0.3	-0.3	-0.3	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)	7,353.8	6,116.5	6,370.1	6,203.6	7,396.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	566.2	82.8	-12.1	-28.8	9.8
Depreciation of Fixed Assets and Investment Property	15.1	16.1	22.8	24.9	29.0
Provision (Increase)/Reversal	328.8	463.9	96.3	26.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	-22.5	-41.3	-4.0	20.9	0.0
Gain/Loss from Investment Activities	-61.8	-67.7	-66.1	-8.4	0.0
Interest Expense	62.5	91.2	94.1	90.7	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	888.3	545.0	131.0	126.1	151.5
Increase/(Decrease) in Receivables	-1,209.6	568.7	-389.6	2,346.4	0.0
Increase/(Decrease) in Inventory	-323.8	-6.2	304.3	235.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	669.1	-496.5	-380.9	-849.6	0.0
Increase/(Decrease) in Prepaid Expenses	30.5	-41.7	-5.8	-11.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-45.0	-73.6	-74.6	-63.5	0.0
Corporate Income Tax Paid	-0.4	-2.0	-20.6	-30.2	0.0
Other Operating Receipts	—	0.0	0.0	3.2	0.0
Other Operating Payments	-14.9	-14.8	-6.2	-12.6	0.0
Net Cash Flow from Operating Activities	-5.7	479.0	-442.4	1,743.4	400.8
Payments for Fixed Assets and Other Long-term Assets	-10.0	-1.4	-3.2	-4.5	-1.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.2	1.2	1.2	5.3	0.7
Loans and Purchases of Debt Instruments	-8.1	-6.5	-5.8	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	13.6	9.9	6.1	11.3	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	49.7	57.1	79.9	40.8	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	46.4	60.3	78.2	53.0	22.0
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0	0.0
Share Repurchases	—	0.0	-0.5	0.0	0.0
Proceeds from Borrowings	1,842.1	3,825.1	3,592.5	1,700.2	2,555.4
Repayment of Borrowings	-2,173.6	-4,118.5	-3,089.6	-2,105.8	-2,623.6
Repayment of Finance Leases	-0.7	-0.7	-1.4	-2.4	-3.8
Dividends Paid	-27.8	-35.8	-8.1	-7.9	-16.2
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	-360.0	-329.9	493.0	-416.0	-88.2
Net Cash Flow During the Period	-319.3	209.4	128.7	1,380.4	52.5
Cash and Cash Equivalents at Beginning of Period	2,976.5	2,738.0	2,600.6	1,228.7	895.9
FX Difference from Revaluation	42.0	29.1	8.8	-8.5	-1.8
Cash and Cash Equivalents at End of Period	2,699.2	2,976.5	2,738.0	2,600.6	1,228.7

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	1,712.9	668.2	712.4	2,326.8	1,008.6	1,747.9	1,694.6	1,650.8	2,430.2	1,370.6	855.2	421.2
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	1,712.9	668.2	712.4	2,326.8	1,008.6	1,747.9	1,694.6	1,650.8	2,430.2	1,370.6	855.2	421.2
Cost of Goods Sold	1,616.4	611.6	688.2	2,280.3	1,065.9	1,660.2	1,636.8	1,594.6	2,354.9	1,294.2	901.6	430.9
Gross Profit	96.5	56.6	24.2	46.5	-57.3	87.7	57.8	56.1	75.2	76.4	-46.4	-9.6
Financial Income	-1.8	55.0	63.5	19.9	75.5	-21.1	58.4	34.4	20.0	47.4	41.3	30.4
Financial Expenses	16.6	21.7	63.8	27.9	21.7	39.7	29.0	38.1	36.1	27.7	28.5	38.8
Interest Expense	12.0	13.2	17.2	20.2	18.1	23.2	24.7	24.5	24.3	23.6	24.5	21.7
Share of Associates and Joint Ventures	1.4	5.8	-3.0	3.8	7.5	-2.1	-5.4	-4.0	2.9	-6.8	-10.0	-8.8
Selling Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	13.0	-7.6	10.6	4.4	7.0	14.3	61.7	13.6	34.0	84.8	-2.6	-19.6
Operating Profit	66.4	103.2	10.3	37.9	-3.0	10.5	20.0	34.8	28.0	4.5	-40.9	-7.1
Other Income	130.5	0.8	5.0	14.8	20.0	4.8	1.1	1.7	4.2	3.0	0.1	4.4
Other Expenses	1.3	1.5	1.5	2.4	8.3	1.3	1.9	1.3	4.2	2.3	1.3	1.5
Other Profit	129.2	-0.7	3.5	12.4	11.7	3.4	-0.8	0.5	-0.0	0.7	-1.2	2.9
Profit Before Tax	195.6	102.5	13.8	50.3	8.7	13.9	19.2	35.3	28.0	5.2	-42.1	-4.2
Current Income Tax Expense	47.3	6.9	—	—	0.3	0.9	0.3	0.0	0.2	-0.2	1.6	0.4
Deferred Income Tax Expense	0.4	-0.4	0.7	0.2	-0.3	0.4	1.3	1.4	1.7	1.1	1.2	1.3
Net Income	147.9	96.1	13.1	50.0	8.8	12.7	17.6	33.9	26.0	4.2	-45.0	-5.9
Non-controlling Interest	-13.1	-2.1	-1.7	-1.9	-6.0	-2.3	-2.9	-2.1	-6.8	-3.5	-7.7	-5.7
Profit Attributable to Parent	161.0	98.2	14.8	51.9	14.8	14.9	20.6	36.0	32.8	7.7	-37.3	-0.2
Earnings per Share	2,020.00	1,232.00	185.00	651.00	185.00	187.00	258.00	451.00	412.00	97.00	-467.00	-3.00
Diluted EPS	2,020.02	1,231.76	185.08	650.96	185.05	187.24	257.84	451.04	411.91	96.76	-467.42	-2.76

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)	6,561.7	6,654.5	6,615.7	6,945.4	5,317.8	5,784.5	5,359.8	5,291.2	5,562.3	5,022.5	5,047.5	5,273.9
I. Cash and cash equivalents	2,700.9	2,671.9	3,230.1	3,056.8	2,976.5	2,781.2	2,462.2	2,375.5	2,738.0	2,429.2	2,323.0	2,749.4
1. Cash	1,710.4	1,467.6	1,374.4	1,128.6	1,538.8	1,739.3	1,343.4	957.0	1,305.6	1,152.7	1,000.8	1,142.8
2. Cash equivalents	990.5	1,204.3	1,855.8	1,928.2	1,437.7	1,041.9	1,118.8	1,418.5	1,432.5	1,276.5	1,322.3	1,606.6
II. Short-term financial investments	6.6	6.5	6.5	6.6	6.5	5.8	5.8	5.8	5.8	5.6	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
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	6.6	6.5	6.5	6.6	6.5	5.8	5.8	5.8	5.8	5.6	0.0	0.0
III. Short-term receivables	2,990.4	3,076.3	2,879.8	3,377.7	1,717.9	2,548.5	2,444.7	2,380.7	2,304.3	1,893.3	1,888.5	1,666.1
1. Short-term trade accounts receivable	2,925.8	2,683.9	2,423.5	3,048.3	1,445.1	2,126.0	2,096.3	1,905.5	1,761.4	1,142.7	1,238.1	1,088.1
2. Short-term prepayments to suppliers	438.5	760.9	841.2	727.7	718.0	811.1	806.2	868.8	923.8	1,097.3	954.6	914.4
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	353.5	353.8	358.2	358.2	359.3	363.3	363.3	363.3	363.3	363.3	363.3	364.0
6. Other short-term receivables	456.7	474.0	472.4	467.2	470.8	532.3	463.4	482.2	484.7	503.5	472.6	458.7
7. Provision for short-term doubtful debts (*)	-1,184.1	-1,196.3	-1,215.5	-1,223.7	-1,275.3	-1,284.2	-1,284.6	-1,239.1	-1,228.9	-1,213.5	-1,140.2	-1,159.1
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	756.6	829.0	464.8	476.9	498.3	373.9	362.6	438.0	444.6	628.7	745.9	784.5
1. Inventories	756.6	829.0	464.8	476.9	498.3	373.9	362.6	438.0	444.6	628.7	745.9	784.5
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	107.2	70.8	34.4	27.4	118.6	75.1	84.5	91.1	69.6	65.7	90.2	73.9
1. Short-term prepayments	0.7	1.1	2.3	0.6	1.1	1.5	1.8	0.6	1.3	2.0	3.5	4.4
2. Value added tax to be reclaimed	90.3	51.5	7.9	0.0	47.3	17.4	36.7	43.9	30.7	13.8	37.4	25.8
3. Taxes and other receivables from state authorities	16.3	18.2	24.2	26.7	70.3	56.3	46.0	46.7	37.6	49.9	49.3	43.7
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)	823.5	824.6	829.5	841.4	861.1	782.8	792.6	811.3	837.3	851.1	852.1	853.0
I. Long-term receivables	0.6	0.6	0.6	0.6	8.7	8.7	8.7	8.7	8.7	8.8	8.8	8.8
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	0.6	0.6	0.6	0.6	8.7	8.7	8.7	8.7	8.7	8.8	8.8	8.8
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	114.6	115.9	118.6	116.7	119.8	123.0	126.4	129.5	132.7	136.6	140.7	144.0
1. Tangible fixed assets	96.2	97.4	100.0	98.0	101.0	104.0	107.3	110.3	113.4	115.9	119.8	122.8
- Cost	—	—	—	—	727.1	726.8	726.8	726.3	733.0	730.3	732.4	730.5
- Accumulated depreciation	—	—	—	—	-626.1	-622.8	-619.5	-616.0	-619.6	-614.4	-612.6	-607.7
2. Financial leased fixed assets	2.1	2.2	2.3	2.4	2.5	2.6	2.7	2.8	2.9	4.3	4.7	4.9
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	16.3	16.3	16.3	16.3	16.3	16.4	16.4	16.4	16.4	16.4	16.3	16.3
- 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	10.8	11.4	12.0	12.5	13.1	13.7	14.3	14.8	15.4	16.0	16.6	17.2
- 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	37.3	37.3	37.4	37.4	40.8	40.8	31.9	31.9	40.8	40.9	41.0	40.8
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	37.3	37.3	37.4	37.4	40.8	40.8	31.9	31.9	40.8	40.9	41.0	40.8
V. Long-term financial investments	558.8	557.4	551.6	554.6	549.0	541.5	543.0	548.4	552.5	549.8	558.3	568.3
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	330.5	329.1	323.3	326.3	317.7	310.2	311.7	317.2	319.2	316.3	324.8	334.8
3. Investments in other entities	255.2	255.2	255.2	255.2	255.2	255.2	255.2	255.2	255.2	255.2	255.2	255.2
4. Provision for diminution in value of long-term investments	-27.3	-27.3	-27.3	-27.3	-24.1	-24.1	-24.1	-24.1	-22.1	-22.1	-22.1	-22.1
5. Held to maturity investments	0.3	0.4	0.4	0.4	0.1	0.1	0.1	0.1	0.2	0.3	0.3	0.3
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	101.4	102.0	109.4	119.6	129.6	55.1	68.3	77.8	87.0	98.9	86.7	73.9
1. Long-term prepayments	101.4	102.0	109.4	119.6	129.6	55.1	68.3	77.8	87.0	98.9	86.7	73.9
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)	7,385.2	7,479.2	7,445.2	7,786.9	6,178.9	6,567.3	6,152.4	6,102.5	6,399.6	5,873.7	5,899.7	6,127.0
A. LIABILITIES (300=210+330)	6,123.0	6,365.2	6,411.6	6,758.2	5,205.4	5,566.7	5,165.6	5,122.5	5,460.6	4,950.0	4,976.9	5,150.2
I. Short -term liabilities	5,429.9	5,788.7	6,279.1	6,354.1	4,784.1	5,474.5	5,069.3	5,013.4	5,349.8	4,904.4	4,901.7	5,076.3
1. Short-term trade accounts payable	1,505.2	1,299.5	1,168.3	1,376.1	1,540.9	1,847.0	1,785.2	1,794.3	1,901.4	1,701.1	1,605.4	1,693.4
2. Short-term advances from customers	462.8	187.5	262.1	345.4	322.3	413.5	302.4	377.2	451.7	658.7	1,300.7	1,138.5
3. Taxes and other payables to state authorities	34.2	3.8	42.0	43.9	5.7	4.5	5.8	4.0	6.9	6.5	8.8	8.8
4. Payable to employees	85.4	129.9	126.0	111.9	91.8	76.6	95.9	92.5	84.9	59.3	51.4	43.9
5. Short-term acrrued expenses	1,546.5	2,035.6	2,536.7	2,409.9	1,068.8	1,296.7	910.9	788.1	884.8	600.7	477.6	553.2
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	1.1	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	1.0	0.9	0.8
9. Other short-term payables	296.5	319.5	290.2	295.1	312.1	282.4	290.6	275.7	272.4	275.4	271.1	260.1
10. Short-term borrowings and financial leases	998.2	1,204.9	1,243.8	1,488.8	1,329.7	1,419.3	1,535.4	1,567.2	1,623.1	1,472.1	1,084.2	1,278.2
11. Provision for short-term liabilities	445.2	550.6	551.7	235.3	54.3	75.5	78.3	61.4	63.2	68.8	40.1	43.6
12.. Bonus and welfare fund	54.8	56.7	57.5	47.0	57.9	58.1	64.0	52.2	60.7	61.0	61.5	55.8
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	693.1	576.4	132.5	404.0	421.3	92.3	96.3	109.0	110.8	45.6	75.2	73.9
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	13.1	13.2	13.4	13.6	13.7	14.1	14.4	14.2	14.4	14.5	15.0	14.8
7. Other long-term liabilities	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	0.9	0.9
8. Long-term borrowings and financial leases	0.4	0.6	0.8	0.9	1.1	1.3	1.5	1.6	1.8	2.0	2.2	2.3
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	16.8	16.5	16.8	16.0	16.4	16.8	16.4	15.1	13.2	11.5	10.3	9.1
12. Provision for long-term liabilities	661.7	545.0	100.3	372.4	388.9	59.0	62.9	76.9	80.3	16.5	46.8	46.8
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)	1,262.3	1,114.0	1,033.6	1,028.7	973.5	1,000.6	986.8	980.0	938.9	923.7	922.8	976.8
I. Owner's equity	1,262.5	1,114.3	1,033.9	1,029.0	973.8	1,000.9	987.1	980.3	939.2	924.0	923.1	977.1
1. Owner's capital	797.3	797.3	797.3	797.3	797.3	797.3	797.3	797.3	797.3	797.3	797.3	797.3
- Common stock with voting right	797.3	797.3	797.3	797.3	797.3	797.3	797.3	797.3	797.3	797.3	797.3	797.3
- 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	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1
5. Treasury shares	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Assets revaluation differences	-32.4	-32.4	-32.4	-32.4	-32.4	-32.4	-32.4	-32.4	-32.4	-32.4	-32.4	-32.4
7. Foreign exchange differences	-3.2	-3.5	-3.2	-7.0	-7.5	-7.5	-7.1	-8.2	-12.3	-9.5	-10.2	-8.4
8. Investment and development fund	125.0	125.0	125.0	107.9	107.9	107.9	107.9	91.8	91.8	91.8	91.8	83.8
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	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	464.5	303.5	220.8	235.0	178.1	199.2	182.7	190.4	151.3	126.4	122.7	174.3
- Accumulated retained earning at the end of the previous period	126.2	126.2	154.1	183.1	90.4	126.3	126.2	154.4	150.2	158.2	160.2	174.6
- Undistributed earnings in this period	338.3	177.2	66.7	51.9	87.7	73.0	56.5	36.0	1.1	-31.7	-37.5	-0.2
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	-89.8	-76.7	-74.7	-73.0	-70.8	-64.8	-62.6	-59.7	-57.6	-50.7	-47.3	-38.7
14. Financial reserves	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3
1. Subsidized not-for-profit funds	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3
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)	7,385.2	7,479.2	7,445.2	7,786.9	6,178.9	6,567.3	6,152.4	6,102.5	6,399.6	5,873.7	5,899.7	6,127.0

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	387.0	102.5	26.4	50.3	8.7	13.9	20.7	35.3	31.0	5.2	-44.1	-4.2
Depreciation of Fixed Assets and Investment Property	3.7	3.7	3.9	3.8	4.0	4.0	4.2	4.3	4.5	6.9	5.7	5.7
Provision (Increase)/Reversal	-119.6	-1.6	462.1	-12.1	299.7	-6.2	47.5	-5.3	85.9	69.2	-19.8	-39.0
FX Gain/Loss from Revaluation of Monetary Items	14.7	-23.0	-9.1	-5.2	-34.8	39.1	-31.2	-14.5	26.9	-18.6	-5.3	-6.9
Gain/Loss from Investment Activities	-12.1	-16.3	-18.7	-14.8	-30.9	-10.7	-12.1	-8.8	-13.9	-19.3	-20.4	-12.4
Interest Expense	11.9	13.2	17.2	20.2	18.1	23.2	24.7	24.5	24.3	23.6	24.5	21.7
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	285.6	78.6	481.8	42.2	264.7	63.4	53.9	35.7	158.7	67.0	-59.5	-35.1
Increase/(Decrease) in Receivables	73.0	-249.0	516.0	-1,549.6	806.1	-149.1	-32.2	-102.3	-435.4	-36.5	-203.7	286.1
Increase/(Decrease) in Inventory	65.9	-359.6	7.5	-37.6	-124.4	-19.1	83.2	-4.9	195.6	123.3	32.5	-47.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-159.8	-17.1	-625.6	1,471.6	-603.7	581.8	3.6	-239.1	259.4	-437.8	4.1	-206.6
Increase/(Decrease) in Prepaid Expenses	3.0	8.6	8.5	10.4	-74.1	13.5	8.4	10.5	12.0	-8.3	-11.9	2.5
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.0	-16.0	-10.8	-18.2	-16.7	-21.3	-23.5	-22.6	-11.3	-26.4	-17.7	-19.3
Corporate Income Tax Paid	0.0	0.0	-0.3	-0.0	0.0	-1.1	-0.1	-0.8	-0.3	-0.4	-6.0	-13.8
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Other Operating Payments	-1.9	-0.8	-1.3	-10.9	-0.3	-5.9	-0.3	-8.4	-0.3	-0.4	-0.7	-4.7
Net Cash Flow from Operating Activities	265.8	-555.4	375.9	-92.0	251.8	462.3	93.0	-331.9	178.4	-319.6	-263.0	-38.2
Payments for Fixed Assets and Other Long-term Assets	-4.3	0.2	-5.8	-0.1	-0.3	0.0	-0.5	-0.6	-0.0	-1.0	-1.9	-0.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	-0.1	1.1	—	0.0	-0.1	0.1	1.1	0.0	0.4	0.1	0.6
Loans and Purchases of Debt Instruments	-7.8	0.3	-0.1	-0.4	-0.2	0.0	0.0	0.0	-0.2	-5.6	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	8.1	4.1	0.3	1.1	4.0	0.1	-0.1	0.1	0.1	-6.0	6.7	5.2
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	13.8	10.2	17.4	8.4	26.4	9.1	11.7	9.9	17.5	23.3	22.0	17.1
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	9.9	14.6	12.8	9.0	29.9	9.1	11.2	10.4	17.4	11.2	26.9	22.7
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	-0.5	0.0	0.0	0.0
Proceeds from Borrowings	247.9	491.2	427.9	675.0	653.4	960.3	1,037.3	1,174.1	1,188.8	894.3	770.5	739.0
Repayment of Borrowings	-454.6	-530.1	-672.9	-515.9	-743.0	-1,076.4	-1,069.1	-1,230.0	-1,037.5	-506.2	-964.4	-581.5
Repayment of Finance Leases	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.5	-0.3	-0.3	-0.3
Dividends Paid	-27.7	-0.0	-0.1	—	-35.8	0.0	0.0	0.0	-8.1	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
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	-234.6	-39.1	-245.3	158.9	-125.6	-116.3	-31.9	-56.1	142.3	387.7	-194.2	157.1
Net Cash Flow During the Period	41.2	-579.9	143.4	76.0	156.1	355.0	72.3	-377.5	338.1	79.3	-430.4	141.7
Cash and Cash Equivalents at Beginning of Period	2,671.9	3,230.1	3,056.8	2,976.5	2,738.0	2,738.0	2,738.0	2,738.0	2,600.6	2,600.6	2,600.6	2,600.6
FX Difference from Revaluation	42.0	55.9	34.3	4.4	39.2	-36.1	14.4	15.0	-29.2	26.9	4.0	7.2
Cash and Cash Equivalents at End of Period	2,699.2	2,671.9	3,230.1	3,056.8	2,976.5	2,781.2	2,462.2	2,375.5	2,738.0	2,429.2	2,323.0	2,749.4

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