LM8

Listed Company · HOSE

Price

13,550

Latest close

03 Mar 2026

P/E 9.9x

EPS (TTM) 1,372

ROE (TTM) 5.3%

P/B 0.4x

BVPS (Latest) 32,593

ROA (TTM) 1.3%

What Is Changing

LM8 has not yet shown a broad-based top-line recovery. Revenue posted -1.6% YoY, but net margin reached 1.06% with an additional ±0.0pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income growth slowed to -1.2% in 2025 from 38.5% in the prior period, at VND 16.2bn.

Metric	2025	2024	2023	2022	2021
Revenue	1,520.5	1,545.7	1,329.0	1,359.9	1,426.6
Growth	-2%	+16%	-2%	-5%	—
Net Income	16.2	16.4	11.8	14.5	14.2
Net Margin	1.06%	1.06%	0.89%	1.07%	1.00%

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	328.1	468.5	308.2	415.6	466.4	418.7	369.7	290.9	403.5	420.8	208.1	296.7
Growth	-30%	+52%	-26%	-11%	+11%	+13%	+27%	-28%	-4%	+102%	-30%	—
Net Income	4.1	6.2	0.2	5.6	5.1	3.9	4.4	3.0	5.1	4.4	0.4	2.0
Net Margin	1.26%	1.33%	0.07%	1.34%	1.08%	0.94%	1.20%	1.02%	1.27%	1.03%	0.17%	0.67%

Financial Statements

Profitability

Net margin reached 1.06% while Revenue posted -1.6% YoY.

Balance Sheet

Inventory stood at 502.2bn, liabilities at 1,073.9bn, and equity at 306.0bn.

Cash Flow

Operating cash flow was -183.3bn in 2025, while investing cash flow was 3.6bn.

Financing cash flow: 146.4bn.

Item	2025	2024	2023	2022	2021
Revenue	1,520.5	1,545.7	1,329.0	1,359.9	1,426.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,520.5	1,545.7	1,329.0	1,359.9	1,426.6
Cost of Goods Sold	1,380.1	1,444.6	1,215.7	1,250.1	0.0
Gross Profit	140.4	101.1	113.3	109.8	100.0
Financial Income	5.1	6.7	7.6	7.8	7.8
Financial Expenses	33.9	29.8	48.6	44.4	-45.1
Interest Expense	32.8	29.0	48.5	43.7	-44.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	62.2	60.2	53.6	49.9	-43.4
Operating Profit	49.4	17.8	18.7	23.2	19.3
Other Income	46.6	4.6	2.3	6.5	0.0
Other Expenses	75.8	0.8	1.9	8.4	0.0
Other Profit	-29.2	3.8	0.3	-1.9	1.6
Profit Before Tax	20.2	21.5	19.0	21.3	20.9
Current Income Tax Expense	4.0	5.2	7.2	6.8	-6.7
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	16.2	16.4	11.8	14.5	14.2
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	16.2	16.4	11.8	14.5	14.2
Earnings per Share	1,310.00	1,501.00	1,008.00	1,205.00	1,210.00
Diluted EPS	1,310.00	1,501.00	1,008.00	1,205.00	1,513.11

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,265.8	1,052.4	1,061.9	1,189.5	1,148.2
I. Cash and cash equivalents	4.0	37.1	16.4	12.1	15.0
1. Cash	4.0	17.1	16.4	12.1	0.0
2. Cash equivalents	—	20.0	0.0	0.0	0.0
II. Short-term financial investments	88.1	93.0	93.0	93.0	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	88.1	93.0	93.0	93.0	0.0
III. Short-term receivables	670.1	459.5	457.2	543.8	462.4
1. Short-term trade accounts receivable	635.7	432.2	418.2	499.7	0.0
2. Short-term prepayments to suppliers	6.4	8.0	12.1	1.8	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	36.1	27.5	29.8	45.4	0.0
7. Provision for short-term doubtful debts (*)	-8.2	-8.2	-2.9	-3.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	502.2	457.2	493.2	539.1	557.3
1. Inventories	502.2	457.2	493.2	539.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.5	5.6	2.1	1.5	3.5
1. Short-term prepayments	1.1	5.1	1.7	1.1	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.4	0.4	0.4	0.4	0.0
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)	114.0	133.3	157.7	167.7	194.1
I. Long-term receivables	1.5	1.5	1.5	0.8	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1.7
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	1.5	1.5	1.5	0.8	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	70.8	81.1	98.8	108.0	132.1
1. Tangible fixed assets	56.3	69.2	85.4	107.8	103.1
- Cost	507.0	514.9	509.2	515.2	0.0
- Accumulated depreciation	-450.7	-445.7	-423.8	-407.4	0.0
2. Financial leased fixed assets	14.3	11.4	12.8	0.0	28.7
- Cost	18.0	13.5	13.5	0.0	0.0
- Accumulated depreciation	-3.7	-2.2	-0.8	0.0	0.0
3. Intangible fixed assets	0.2	0.5	0.7	0.2	0.3
- Cost	1.4	1.4	1.4	0.8	0.0
- Accumulated depreciation	-1.2	-1.0	-0.7	-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	0.6	0.6	0.6	0.0	0.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.6	0.6	0.6	0.0	0.0
V. Long-term financial investments	10.2	10.2	10.2	10.2	10.2
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	10.2	10.2	10.2	10.2	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	30.9	40.0	46.6	48.6	0.0
1. Long-term prepayments	30.9	40.0	46.6	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	49.5
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)	1,379.9	1,185.7	1,219.6	1,357.2	1,342.3
A. LIABILITIES (300=210+330)	1,073.9	882.5	921.8	1,058.9	1,046.9
I. Short -term liabilities	1,021.1	878.3	914.7	1,058.9	1,039.3
1. Short-term trade accounts payable	201.7	170.7	164.3	202.4	143.6
2. Short-term advances from customers	136.5	140.0	169.0	85.0	83.9
3. Taxes and other payables to state authorities	5.6	10.7	13.9	8.6	0.0
4. Payable to employees	83.3	98.3	82.0	91.6	0.0
5. Short-term acrrued expenses	51.2	71.7	51.5	50.6	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	13.3	16.7	14.5	15.8	0.0
10. Short-term borrowings and financial leases	525.6	365.5	412.5	596.4	667.0
11. Provision for short-term liabilities	—	0.0	0.3	1.6	0.0
12.. Bonus and welfare fund	3.9	4.7	6.8	7.0	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	52.8	4.2	7.1	0.0	7.6
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	3.6	4.2	7.1	0.0	6.9
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	49.2	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)	306.0	303.1	297.8	298.3	295.3
I. Owner's equity	306.0	303.1	297.8	298.3	0.0
1. Owner's capital	93.9	93.9	93.9	93.9	295.3
- Common stock with voting right	93.9	93.9	93.9	93.9	93.9
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	8.1	8.1	8.1	8.1	8.1
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	9.4	9.4	9.4	9.4	9.4
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	170.8	167.9	166.7	163.8	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
11. Undistributed earnings after tax	23.8	23.9	19.7	23.1	23.3
- Accumulated retained earning at the end of the previous period	7.6	7.5	7.9	8.6	9.1
- Undistributed earnings in this period	16.2	16.4	11.8	14.5	14.2
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)	1,379.9	1,185.7	1,219.6	1,357.2	1,342.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	20.2	21.5	19.0	21.3	20.9
Depreciation of Fixed Assets and Investment Property	21.7	24.2	25.7	26.7	28.2
Provision (Increase)/Reversal	49.2	5.0	-1.6	-5.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.2	-0.2	-0.5	-1.3	0.0
Gain/Loss from Investment Activities	-5.3	-5.8	-7.2	-5.5	0.0
Interest Expense	32.8	29.0	48.5	43.7	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	118.8	73.8	84.0	79.4	85.4
Increase/(Decrease) in Receivables	-210.9	-7.8	86.3	-78.6	0.0
Increase/(Decrease) in Inventory	-45.1	36.0	45.9	18.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-16.4	13.7	40.8	95.1	0.0
Increase/(Decrease) in Prepaid Expenses	13.1	3.2	1.4	2.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-32.7	-29.1	-48.7	-43.4	0.0
Corporate Income Tax Paid	-4.7	-5.5	-7.1	-6.6	0.0
Other Operating Receipts	—	0.0	0.0	2.8	0.0
Other Operating Payments	-5.5	-3.8	-3.8	-6.4	0.0
Net Cash Flow from Operating Activities	-183.3	80.4	198.9	63.3	80.7
Payments for Fixed Assets and Other Long-term Assets	-6.9	-6.6	-4.0	-2.8	-5.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.3	0.1	0.5	0.1	0.2
Loans and Purchases of Debt Instruments	-0.1	0.0	0.0	-5.1	-22.7
Receipts from Loan Repayments and Sale of Debt Instruments	5.0	0.0	0.0	22.1	62.6
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	4.3	6.0	6.5	5.7	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	3.6	-0.5	3.1	20.0	42.0
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	1,427.7	1,364.2	1,228.7	1,295.0	1,480.8
Repayment of Borrowings	-1,268.7	-1,411.2	-1,415.4	-1,358.6	-1,574.3
Repayment of Finance Leases	-3.1	-2.9	-1.5	-14.3	-12.3
Dividends Paid	-9.5	-9.2	-9.4	-8.3	-6.5
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	146.4	-59.2	-197.7	-86.2	-112.3
Net Cash Flow During the Period	-33.2	20.8	4.3	-2.9	12.6
Cash and Cash Equivalents at Beginning of Period	37.1	16.4	12.1	15.0	4.6
FX Difference from Revaluation	0.0	0.0	-0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	4.0	37.1	16.4	12.1	15.0

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
Revenue	328.1	468.5	308.2	415.6	466.4	418.7	369.7	290.9	403.5	420.8	208.1	296.7
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	328.1	468.5	308.2	415.6	466.4	418.7	369.7	290.9	403.5	420.8	208.1	296.7
Cost of Goods Sold	296.7	431.6	264.3	387.5	435.6	392.9	347.2	268.8	370.3	391.4	184.7	269.3
Gross Profit	31.4	36.9	44.0	28.2	30.8	25.8	22.5	22.0	33.2	29.3	23.4	27.3
Financial Income	1.5	1.5	1.3	1.4	1.5	1.1	2.6	1.4	1.5	1.8	2.6	1.7
Financial Expenses	9.5	8.8	9.2	7.2	7.6	7.0	7.4	7.8	9.3	12.3	13.7	13.3
Interest Expense	8.9	8.6	8.2	7.1	7.2	7.0	7.2	7.7	9.3	12.3	13.7	13.3
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	18.0	19.8	10.8	13.6	18.3	14.7	15.8	11.4	18.3	12.2	11.2	11.8
Operating Profit	5.4	9.9	25.3	8.8	6.4	5.2	1.9	4.3	7.2	6.6	1.0	3.9
Other Income	0.0	1.2	0.3	45.1	0.4	0.2	4.0	0.1	0.4	0.3	1.2	0.4
Other Expenses	0.5	3.2	25.2	46.9	0.2	0.2	0.2	0.3	0.6	0.5	0.4	0.4
Other Profit	-0.5	-2.0	-25.0	-1.8	0.2	-0.0	3.8	-0.2	-0.3	-0.2	0.8	-0.0
Profit Before Tax	4.9	7.8	0.3	7.0	6.5	5.1	5.7	4.1	6.9	6.4	1.8	3.9
Current Income Tax Expense	0.8	1.6	0.1	1.5	1.5	1.2	1.3	1.2	1.8	2.1	1.5	1.9
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	4.1	6.2	0.2	5.6	5.1	3.9	4.4	3.0	5.1	4.4	0.4	2.0
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	4.1	6.2	0.2	5.6	5.1	3.9	4.4	3.0	5.1	4.4	0.4	2.0
Earnings per Share	336.00	504.00	21.00	511.00	463.00	360.00	406.00	253.00	436.00	371.00	31.00	170.00
Diluted EPS	336.00	504.00	21.00	511.00	1,501.00	360.00	406.00	253.00	436.00	371.00	31.00	170.00

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)	1,265.8	1,279.4	1,296.2	1,079.7	1,052.4	1,114.2	1,070.2	1,016.9	1,061.9	1,120.3	1,124.1	1,062.0
I. Cash and cash equivalents	4.0	2.7	4.7	69.1	37.1	28.5	10.8	4.7	16.4	12.0	7.8	5.3
1. Cash	4.0	2.7	4.7	4.0	17.1	8.5	10.8	4.7	16.4	12.0	7.8	5.3
2. Cash equivalents	—	—	—	65.1	20.0	20.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	88.1	88.1	88.1	93.0	93.0	93.0	93.0	93.0	93.0	93.0	93.0	93.0
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	88.1	88.1	88.1	93.0	93.0	93.0	93.0	93.0	93.0	93.0	93.0	93.0
III. Short-term receivables	670.1	723.6	738.7	539.7	459.5	439.8	398.2	403.9	457.2	495.5	390.7	418.0
1. Short-term trade accounts receivable	635.7	701.8	647.6	511.3	432.2	413.6	372.5	374.6	418.2	450.4	346.3	387.3
2. Short-term prepayments to suppliers	6.4	5.6	28.0	5.5	8.0	4.1	4.2	3.7	12.1	13.4	13.7	1.8
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	36.1	24.4	71.2	31.2	27.5	30.8	28.2	28.3	29.8	33.7	32.8	32.3
7. Provision for short-term doubtful debts (*)	-8.2	-8.2	-8.2	-8.2	-8.2	-8.7	-6.7	-2.7	-2.9	-2.0	-2.1	-3.4
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	502.2	462.8	461.3	372.6	457.2	550.8	565.5	512.3	493.2	517.7	627.9	543.2
1. Inventories	502.2	462.8	461.3	372.6	457.2	550.8	565.5	512.3	493.2	517.7	627.9	543.2
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	1.5	2.1	3.5	5.3	5.6	2.1	2.7	3.1	2.1	2.2	4.7	2.5
1. Short-term prepayments	1.1	1.7	3.1	4.3	5.1	1.7	2.3	2.1	1.7	1.7	1.5	1.2
2. Value added tax to be reclaimed	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	2.7	0.0
3. Taxes and other receivables from state authorities	0.4	0.4	0.4	1.0	0.4	0.4	0.4	1.0	0.4	0.4	0.4	1.3
4. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	114.0	118.6	118.6	125.1	133.3	139.0	147.3	152.8	157.7	157.9	160.0	157.2
I. Long-term receivables	1.5	1.6	1.6	1.5	1.5	1.5	1.5	1.5	1.5	1.3	1.2	0.8
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	1.5	1.6	1.6	1.5	1.5	1.5	1.5	1.5	1.5	1.3	1.2	0.8
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	70.8	71.8	72.2	76.3	81.1	84.6	90.4	95.5	98.8	104.3	106.6	102.6
1. Tangible fixed assets	56.3	58.5	61.2	64.9	69.2	72.3	77.7	82.4	85.4	90.8	95.7	101.3
- Cost	—	—	—	—	514.9	512.8	512.6	511.5	509.2	512.6	511.5	515.3
- Accumulated depreciation	—	—	—	—	-445.7	-440.5	-434.8	-429.1	-423.8	-421.8	-415.7	-414.0
2. Financial leased fixed assets	14.3	13.0	10.7	11.0	11.4	11.7	12.1	12.4	12.8	13.1	10.4	0.8
- 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	0.2	0.3	0.3	0.4	0.5	0.5	0.6	0.7	0.7	0.4	0.5	0.5
- 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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.3	0.1	0.0
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	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.3	0.1	0.0
V. Long-term financial investments	10.2	10.2	10.2	10.2	10.2	10.2	10.2	10.2	10.2	10.2	10.2	10.2
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	10.2	10.2	10.2	10.2	10.2	10.2	10.2	10.2	10.2	10.2	10.2	10.2
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	30.9	34.4	33.9	36.4	40.0	42.1	44.6	45.0	46.6	41.8	41.8	43.5
1. Long-term prepayments	30.9	34.4	33.9	36.4	40.0	42.1	44.6	45.0	46.6	41.8	41.8	43.5
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)	1,379.9	1,398.0	1,414.8	1,204.8	1,185.7	1,253.2	1,217.5	1,169.8	1,219.6	1,278.3	1,284.0	1,219.2
A. LIABILITIES (300=210+330)	1,073.9	1,096.1	1,109.8	896.0	882.5	955.1	914.0	869.0	921.8	985.6	986.3	918.9
I. Short -term liabilities	1,021.1	1,043.6	1,057.8	892.5	878.3	950.1	908.3	862.6	914.7	977.7	979.7	918.4
1. Short-term trade accounts payable	201.7	177.0	169.8	158.9	170.7	175.6	169.3	146.1	164.3	167.1	146.8	166.8
2. Short-term advances from customers	136.5	141.3	147.4	107.8	140.0	160.5	138.7	180.2	169.0	206.5	121.8	89.6
3. Taxes and other payables to state authorities	5.6	24.2	19.1	10.0	10.7	23.5	9.4	3.0	13.9	28.2	9.9	3.8
4. Payable to employees	83.3	99.3	115.3	99.9	98.3	86.1	83.0	64.6	82.0	74.2	65.4	75.1
5. Short-term acrrued expenses	51.2	55.6	56.7	73.1	71.7	108.6	101.0	46.2	51.5	14.0	11.6	25.8
6. Short-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.4	0.0
9. Other short-term payables	13.3	14.1	16.6	15.3	16.7	15.5	13.6	14.6	14.5	14.4	13.4	15.2
10. Short-term borrowings and financial leases	525.6	527.7	527.0	423.5	365.5	374.3	385.9	401.5	412.5	465.2	601.8	534.9
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.1	0.3	0.3	0.3	0.5	1.2
12.. Bonus and welfare fund	3.9	4.3	6.1	4.0	4.7	6.0	7.3	6.1	6.8	7.7	8.2	6.0
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	52.8	52.5	51.9	3.5	4.2	5.0	5.7	6.4	7.1	7.9	6.6	0.5
1. Long-term trade payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	3.6	3.4	2.8	3.5	4.2	5.0	5.7	6.4	7.1	7.9	6.6	0.5
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	49.2	49.2	49.2	—	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)	306.0	301.9	305.0	308.7	303.1	298.1	303.5	300.8	297.8	292.7	297.7	300.3
I. Owner's equity	306.0	301.9	305.0	308.7	303.1	298.1	303.5	300.8	297.8	292.7	297.7	300.3
1. Owner's capital	93.9	93.9	93.9	93.9	93.9	93.9	93.9	93.9	93.9	93.9	93.9	93.9
- Common stock with voting right	93.9	93.9	93.9	93.9	93.9	93.9	93.9	93.9	93.9	93.9	93.9	93.9
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	8.1	8.1	8.1	8.1	8.1	8.1	8.1	8.1	8.1	8.1	8.1	8.1
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	9.4	9.4	9.4	9.4	9.4	9.4	9.4	9.4	9.4	9.4	9.4	9.4
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	170.8	170.8	170.8	167.9	167.9	167.9	167.9	166.7	166.7	166.7	166.7	163.8
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
11. Undistributed earnings after tax	23.8	19.7	22.8	29.5	23.9	18.8	24.3	22.7	19.7	14.6	19.6	25.1
- Accumulated retained earning at the end of the previous period	7.6	7.6	17.0	23.9	7.5	7.5	16.9	19.7	7.9	7.9	17.3	23.1
- Undistributed earnings in this period	16.2	12.0	5.8	5.6	16.4	11.3	7.4	3.0	11.8	6.7	2.4	2.0
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)	1,379.9	1,398.0	1,414.8	1,204.8	1,185.7	1,253.2	1,217.5	1,169.8	1,219.6	1,278.3	1,284.0	1,219.2

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
Profit Before Tax	4.9	7.8	0.3	7.0	6.5	5.1	5.7	4.1	6.9	6.4	1.8	3.9
Depreciation of Fixed Assets and Investment Property	5.5	5.4	5.4	5.5	5.7	6.0	6.2	6.3	6.4	6.4	6.4	6.6
Provision (Increase)/Reversal	0.0	0.0	49.2	—	-0.5	1.9	3.8	-0.2	0.9	-0.3	-2.0	-0.2
FX Gain/Loss from Revaluation of Monetary Items	-0.4	-0.3	0.9	-0.0	-0.1	0.1	-0.0	-0.2	-0.0	-0.3	-0.0	-0.2
Gain/Loss from Investment Activities	-0.9	-2.2	-1.1	-1.1	-1.2	-1.1	-2.3	-1.2	-1.6	-1.5	-2.7	-1.4
Interest Expense	8.9	8.6	8.2	7.1	7.2	7.0	7.2	7.7	9.3	12.3	13.7	13.3
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	18.0	19.4	62.8	18.6	17.5	19.1	20.6	16.6	21.8	23.0	17.2	21.9
Increase/(Decrease) in Receivables	51.8	15.6	-197.8	-80.5	-21.1	-43.0	3.1	53.2	34.9	-100.8	27.0	125.2
Increase/(Decrease) in Inventory	-39.4	-1.5	-88.7	84.6	93.6	14.7	-53.2	-19.1	24.5	110.2	-84.7	-4.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-18.8	-13.6	59.0	-43.0	-60.8	53.5	63.0	-42.0	-7.5	134.3	-9.1	-77.0
Increase/(Decrease) in Prepaid Expenses	4.1	0.9	3.8	4.4	-1.3	3.1	0.2	1.2	-4.8	-0.2	1.3	5.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-8.8	-8.7	-8.2	-7.1	-7.1	-7.0	-7.2	-7.8	-9.4	-12.2	-13.6	-13.5
Corporate Income Tax Paid	-1.7	-1.5	0.0	-1.5	-2.6	0.0	-1.2	-1.8	-3.6	-1.8	-0.1	-1.6
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-1.0	-1.9	-1.9	-0.7	-1.4	-1.3	-0.4	-0.6	-0.9	-0.9	-1.1	-1.0
Net Cash Flow from Operating Activities	4.2	8.7	-170.9	-25.3	16.9	39.0	24.9	-0.3	55.1	151.8	-63.1	55.1
Payments for Fixed Assets and Other Long-term Assets	-2.4	-2.5	-1.3	-0.6	-1.7	-0.4	-3.8	-0.6	-1.7	-0.9	-0.5	-0.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	1.3	0.0	—	0.0	0.0	0.0	0.1	0.2	0.0	0.3	0.0
Loans and Purchases of Debt Instruments	0.0	0.0	-0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	5.0	—	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
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	2.8	0.4	0.4	0.8	3.2	0.5	1.4	0.9	4.2	0.5	1.2	0.7
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	0.4	-0.9	4.0	0.2	1.5	0.2	-2.4	0.3	2.7	-0.4	1.0	-0.2
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	337.7	365.5	372.4	352.1	380.2	357.2	305.0	321.7	304.8	257.2	330.1	336.5
Repayment of Borrowings	-340.1	-365.3	-269.1	-294.1	-389.1	-368.8	-320.6	-332.7	-357.5	-394.5	-265.4	-398.1
Repayment of Finance Leases	-0.9	-0.8	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7	-0.6	-0.2	0.0
Dividends Paid	-0.1	-9.2	-0.0	-0.1	-0.0	-9.2	-0.0	-0.0	-0.0	-9.2	-0.1	-0.1
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	-3.4	-9.8	102.6	57.1	-9.6	-21.5	-16.4	-11.7	-53.4	-147.1	64.5	-61.6
Net Cash Flow During the Period	1.2	-2.0	-64.4	31.9	8.7	17.7	6.1	-11.7	4.4	4.2	2.4	-6.8
Cash and Cash Equivalents at Beginning of Period	2.7	4.7	69.1	37.1	16.4	16.4	16.4	16.4	12.1	12.1	12.1	12.1
FX Difference from Revaluation	0.0	0.0	0.0	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	4.0	2.7	4.7	69.1	37.1	28.5	10.8	4.7	16.4	12.0	7.8	5.3

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LM8

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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