MCM

Listed Company · HOSE

Price

25,500

Latest close

03 Apr 2026

P/E 14.4x

EPS (TTM) 1,766

ROE (TTM) 9.4%

P/B 1.2x

BVPS (Latest) 20,721

ROA (TTM) 8.0%

What Is Changing

MCM has not yet shown a broad-based top-line recovery. Revenue posted -2.8% YoY, but net margin reached 7.61% with an additional +0.1pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income fell to a multi-period low at VND 215.7bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	2,834.9	2,917.0	3,135.4	3,133.1	2,925.7
Growth	-3%	-7%	+0%	+7%	—
Net Income	215.7	219.9	374.4	346.5	319.1
Net Margin	7.61%	7.54%	11.94%	11.06%	10.91%

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	721.2	716.2	806.3	591.2	742.9	739.7	809.0	625.4	794.7	816.2	790.3	734.3
Growth	+1%	-11%	+36%	-20%	+0%	-9%	+29%	-21%	-3%	+3%	+8%	—
Net Income	64.1	28.1	75.7	47.8	71.0	42.6	56.3	50.0	85.4	95.0	92.6	101.5
Net Margin	8.89%	3.92%	9.39%	8.08%	9.56%	5.76%	6.96%	7.99%	10.74%	11.64%	11.71%	13.82%

Financial Statements

Profitability

Net margin reached 7.61% while Revenue posted -2.8% YoY.

Balance Sheet

Inventory stood at 187.0bn, liabilities at 400.5bn, and equity at 2,279.3bn.

Cash Flow

Operating cash flow was 180.9bn in 2025, while investing cash flow was 71.8bn.

Financing cash flow: -252.0bn.

Item	2025	2024	2023	2022	2021
Revenue	2,839.5	2,919.4	3,137.5	3,134.5	2,927.8
Revenue Deductions	4.6	2.4	2.0	1.4	0.0
Net Revenue	2,834.9	2,917.0	3,135.4	3,133.1	2,925.7
Cost of Goods Sold	2,037.9	2,068.4	2,126.8	2,115.3	0.0
Gross Profit	797.0	848.5	1,008.6	1,017.8	898.5
Financial Income	103.9	101.3	162.3	103.2	95.4
Financial Expenses	6.0	1.9	0.9	1.0	-0.5
Interest Expense	5.7	1.7	0.0	0.6	-0.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	606.6	657.0	708.9	688.7	-594.3
General and Administrative Expenses	38.1	37.1	37.9	39.6	-36.6
Operating Profit	250.2	253.7	423.3	391.6	362.6
Other Income	13.8	15.0	16.6	16.2	0.0
Other Expenses	15.5	16.6	16.3	27.1	0.0
Other Profit	-1.7	-1.7	0.3	-10.9	-8.8
Profit Before Tax	248.5	252.1	423.6	380.7	353.8
Current Income Tax Expense	32.8	32.1	49.2	34.1	-34.6
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	215.7	219.9	374.4	346.5	319.1
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	215.7	219.9	374.4	346.5	319.1
Earnings per Share	1,765.00	1,799.00	3,063.00	2,835.00	2,884.00
Diluted EPS	1,961.03	1,999.28	3,403.80	3,150.45	2,901.02

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,914.7	2,114.9	2,077.7	2,123.2	2,218.7
I. Cash and cash equivalents	37.0	36.3	55.2	312.0	92.1
1. Cash	37.0	36.3	52.2	18.0	0.0
2. Cash equivalents	—	0.0	3.1	294.0	0.0
II. Short-term financial investments	1,431.0	1,603.0	1,442.1	1,285.0	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	1,431.0	1,603.0	1,442.1	1,285.0	0.0
III. Short-term receivables	248.2	287.0	349.1	308.2	272.7
1. Short-term trade accounts receivable	177.7	206.7	205.0	191.0	0.0
2. Short-term prepayments to suppliers	13.1	29.9	11.2	32.4	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	57.6	50.6	133.0	84.9	0.0
7. Provision for short-term doubtful debts (*)	-0.2	-0.2	-0.1	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	187.0	172.4	185.6	194.2	192.8
1. Inventories	188.0	173.0	187.4	195.1	0.0
2. Provision for decline in value of inventories	-1.0	-0.6	-1.8	-0.9	0.0
V. Other short-term assets	11.6	16.2	45.7	23.8	4.1
1. Short-term prepayments	11.1	8.9	8.1	5.7	0.0
2. Value added tax to be reclaimed	0.2	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.3	7.3	37.6	18.1	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)	765.1	571.7	528.4	332.0	268.2
I. Long-term receivables	—	0.1	0.1	0.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.2
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	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.1	0.1	0.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	357.8	366.6	392.6	226.8	141.8
1. Tangible fixed assets	357.8	366.6	392.6	226.5	140.5
- Cost	1,176.5	1,153.1	1,139.1	922.0	0.0
- Accumulated depreciation	-818.8	-786.5	-746.5	-695.5	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	—	0.0	0.0	0.3	1.2
- Cost	1.0	4.0	4.0	4.0	0.0
- Accumulated depreciation	-1.0	-4.0	-4.0	-3.7	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	374.1	186.8	118.5	96.9	115.1
1. Long-term production in progress	19.2	20.6	11.3	11.4	0.0
2. Construction in progress	354.9	166.2	107.2	85.5	0.0
V. Long-term financial investments	25.1	0.1	0.1	0.1	0.1
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	0.1	0.1	0.1	0.1	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	25.0	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	8.2	18.2	17.1	8.1	0.0
1. Long-term prepayments	8.2	18.2	17.1	8.1	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	11.1
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)	2,679.9	2,686.7	2,606.1	2,455.2	2,487.0
A. LIABILITIES (300=210+330)	400.5	381.5	278.8	245.0	313.6
I. Short -term liabilities	397.4	377.6	274.5	238.0	289.9
1. Short-term trade accounts payable	197.9	164.8	122.8	102.5	88.0
2. Short-term advances from customers	3.8	3.2	0.8	0.7	0.9
3. Taxes and other payables to state authorities	12.0	6.3	0.2	0.4	0.0
4. Payable to employees	16.3	15.8	16.9	20.0	0.0
5. Short-term acrrued expenses	75.1	60.3	83.6	60.8	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	1.4	1.6	7.1	21.5	0.0
10. Short-term borrowings and financial leases	67.0	99.0	0.0	0.0	77.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	24.0	26.6	43.2	32.0	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	3.1	3.9	4.4	7.0	23.6
1. Long-term trade payables	—	0.0	0.0	0.0	21.9
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	0.6	0.7	1.1	3.7	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
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	2.5	3.2	3.3	3.3	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)	2,279.3	2,305.2	2,327.3	2,210.3	2,173.4
I. Owner's equity	2,279.3	2,305.2	2,327.3	2,210.3	0.0
1. Owner's capital	1,100.0	1,100.0	1,100.0	1,100.0	2,173.4
- Common stock with voting right	1,100.0	1,100.0	1,100.0	1,100.0	1,100.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	817.3	817.3	817.3	817.3	817.3
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	148.8	148.8	148.8	111.3	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	213.3	239.1	261.2	181.7	179.4
- Accumulated retained earning at the end of the previous period	129.1	151.2	71.7	14.4	34.1
- Undistributed earnings in this period	84.1	87.9	189.5	167.2	145.3
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)	2,679.9	2,686.7	2,606.1	2,455.2	2,487.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	248.5	252.1	423.6	380.7	353.8
Depreciation of Fixed Assets and Investment Property	68.8	67.0	62.0	54.5	49.9
Provision (Increase)/Reversal	0.8	-1.0	1.6	0.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.1	0.0	0.0	0.0
Gain/Loss from Investment Activities	-93.6	-91.4	-150.1	-89.8	0.0
Interest Expense	5.7	1.7	0.0	0.6	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	230.1	228.5	337.2	346.7	325.4
Increase/(Decrease) in Receivables	32.3	32.8	33.7	0.5	0.0
Increase/(Decrease) in Inventory	-38.9	-8.5	8.1	-0.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	10.3	-4.4	9.8	-1.3	0.0
Increase/(Decrease) in Prepaid Expenses	7.9	-0.4	-11.4	0.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-6.5	-0.6	0.0	-0.8	0.0
Corporate Income Tax Paid	-30.0	-12.7	-63.1	-43.4	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-24.5	-38.7	-26.8	-33.5	0.0
Net Cash Flow from Operating Activities	180.9	196.1	287.5	268.5	230.3
Payments for Fixed Assets and Other Long-term Assets	-174.2	-93.5	-246.4	-139.4	-151.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	6.1	7.1	3.4	10.5	4.8
Loans and Purchases of Debt Instruments	-1,749.0	-2,028.1	-2,183.8	-1,389.3	-1,768.8
Receipts from Loan Repayments and Sale of Debt Instruments	1,896.0	1,868.0	1,984.9	1,722.0	699.5
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	92.9	152.5	117.7	99.7	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	71.8	-94.0	-324.2	303.5	-1,176.9
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0	1,249.3
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	285.0	129.0	0.0	0.0	77.2
Repayment of Borrowings	-317.0	-30.0	0.0	-77.2	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-220.0	-220.0	-220.1	-274.9	-309.0
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	-252.0	-121.0	-220.1	-352.1	1,017.4
Net Cash Flow During the Period	0.7	-19.0	-256.8	219.9	-138.7
Cash and Cash Equivalents at Beginning of Period	36.3	55.2	312.0	92.1	21.4
FX Difference from Revaluation	—	0.0	-0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	37.0	36.3	55.2	312.0	92.1

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	722.9	717.3	807.3	591.9	743.8	740.3	809.5	625.7	795.3	816.5	791.0	734.7
Revenue Deductions	1.7	1.1	1.0	0.8	0.9	0.6	0.5	0.3	0.6	0.4	0.7	0.4
Net Revenue	721.2	716.2	806.3	591.2	742.9	739.7	809.0	625.4	794.7	816.2	790.3	734.3
Cost of Goods Sold	511.7	514.0	566.5	445.7	525.2	533.6	560.8	448.8	532.8	554.8	542.3	496.9
Gross Profit	209.5	202.2	239.8	145.5	217.7	206.1	248.2	176.6	261.9	261.3	248.0	237.4
Financial Income	25.8	25.9	27.7	24.5	25.5	23.7	21.6	30.4	42.8	42.3	43.8	33.5
Financial Expenses	0.9	1.7	2.2	1.3	1.3	0.6	0.0	0.0	0.3	0.2	0.3	0.0
Interest Expense	0.9	1.7	2.0	1.2	1.2	0.6	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	153.2	182.1	169.0	102.3	154.1	169.6	194.2	139.2	200.1	187.6	174.4	146.8
General and Administrative Expenses	10.5	8.2	9.0	10.3	10.4	8.7	9.3	8.8	10.3	9.0	9.7	8.9
Operating Profit	70.8	36.1	87.3	56.0	77.3	51.1	66.3	59.0	94.0	106.8	107.3	115.2
Other Income	7.0	2.1	2.3	2.4	5.3	2.4	1.8	5.5	7.0	5.4	1.8	2.3
Other Expenses	4.9	3.7	3.1	3.8	3.2	3.7	3.4	6.3	4.2	3.4	3.4	5.2
Other Profit	2.1	-1.7	-0.8	-1.3	2.1	-1.3	-1.6	-0.8	2.8	2.0	-1.6	-2.9
Profit Before Tax	72.9	34.5	86.5	54.7	79.4	49.8	64.7	58.1	96.8	108.8	105.7	112.2
Current Income Tax Expense	8.7	6.4	10.8	6.9	8.4	7.2	8.4	8.2	11.5	13.8	13.2	10.7
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	64.1	28.1	75.7	47.8	71.0	42.6	56.3	50.0	85.4	95.0	92.6	101.5
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	64.1	28.1	75.7	47.8	71.0	42.6	56.3	50.0	85.4	95.0	92.6	101.5
Earnings per Share	525.00	230.00	620.00	391.00	581.00	349.00	461.00	409.00	698.00	777.00	757.00	830.00
Diluted EPS	583.08	255.13	688.57	434.25	645.76	387.30	512.11	454.11	776.10	863.49	841.58	922.63

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)	1,914.7	1,997.7	2,191.8	2,134.8	2,114.9	2,176.5	2,094.8	2,076.5	2,077.7	2,279.2	2,202.1	2,187.1
I. Cash and cash equivalents	37.0	88.9	75.2	74.5	36.3	51.3	54.7	58.0	55.2	236.2	171.9	180.4
1. Cash	37.0	23.9	75.2	24.5	36.3	31.3	54.7	58.0	52.2	74.8	56.9	60.4
2. Cash equivalents	—	65.0	—	50.0	0.0	20.0	0.0	0.0	3.1	161.4	115.0	120.0
II. Short-term financial investments	1,431.0	1,484.0	1,580.0	1,605.0	1,603.0	1,638.1	1,473.1	1,488.0	1,442.1	1,530.2	1,460.0	1,519.0
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	1,431.0	1,484.0	1,580.0	1,605.0	1,603.0	1,638.1	1,473.1	1,488.0	1,442.1	1,530.2	1,460.0	1,519.0
III. Short-term receivables	248.2	247.2	314.3	206.0	287.0	284.9	298.7	246.7	349.1	334.9	302.4	264.7
1. Short-term trade accounts receivable	177.7	181.0	240.8	155.9	206.7	219.2	240.7	196.9	205.0	190.9	230.9	206.2
2. Short-term prepayments to suppliers	13.1	20.4	20.0	18.1	29.9	25.2	19.6	13.3	11.2	18.9	15.6	28.3
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	57.6	45.9	53.6	32.2	50.6	40.7	38.7	36.7	133.0	125.0	56.0	30.2
7. Provision for short-term doubtful debts (*)	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.1	-0.1	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	187.0	168.6	212.4	239.1	172.4	194.0	260.0	256.6	185.6	171.2	262.2	219.7
1. Inventories	188.0	170.6	213.5	240.2	173.0	194.9	260.7	258.1	187.4	172.0	264.5	220.6
2. Provision for decline in value of inventories	-1.0	-2.0	-1.2	-1.1	-0.6	-0.9	-0.6	-1.5	-1.8	-0.8	-2.3	-0.9
V. Other short-term assets	11.6	9.1	10.0	10.2	16.2	8.2	8.3	27.3	45.7	6.7	5.6	3.4
1. Short-term prepayments	11.1	8.4	8.9	7.4	8.9	8.2	7.9	6.0	8.1	6.7	5.6	3.4
2. Value added tax to be reclaimed	0.2	0.1	0.1	1.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.3	0.6	0.9	1.6	7.3	0.0	0.5	21.3	37.6	0.0	0.0	0.0
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)	765.1	794.7	708.6	621.6	571.7	539.3	512.5	528.7	528.4	412.6	400.4	374.0
I. Long-term receivables	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.2
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.2
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	357.8	357.8	370.3	363.8	366.6	372.7	366.4	374.5	392.6	373.8	323.4	227.5
1. Tangible fixed assets	357.8	357.8	370.3	363.8	366.6	372.7	366.4	374.5	392.6	373.8	323.3	227.3
- Cost	—	—	—	—	1,153.1	1,148.9	1,130.2	1,123.6	1,139.1	1,104.2	1,038.9	932.1
- Accumulated depreciation	—	—	—	—	-786.5	-776.2	-763.8	-749.1	-746.5	-730.4	-715.6	-704.8
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	0.0	0.0	0.1	0.1	0.2
- 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
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	374.1	336.3	325.5	242.2	186.8	147.1	132.9	138.4	118.5	23.3	66.6	120.8
1. Long-term production in progress	19.2	18.1	16.4	19.1	20.6	18.5	14.8	12.6	11.3	10.5	9.7	10.0
2. Construction in progress	354.9	318.2	309.2	223.1	166.2	128.6	118.2	125.8	107.2	12.9	56.8	110.8
V. Long-term financial investments	25.1	90.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	15.1
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	25.0	90.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	15.0
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	8.2	10.5	12.6	15.4	18.2	19.3	13.0	15.7	17.1	15.3	10.3	10.4
1. Long-term prepayments	8.2	10.5	12.6	15.4	18.2	19.3	13.0	15.7	17.1	15.3	10.3	10.4
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)	2,679.9	2,792.4	2,900.4	2,756.4	2,686.7	2,715.8	2,607.3	2,605.3	2,606.1	2,691.8	2,602.5	2,561.1
A. LIABILITIES (300=210+330)	400.5	460.8	594.1	408.2	381.5	364.6	294.4	233.0	278.8	331.3	327.6	259.5
I. Short -term liabilities	397.4	457.6	590.7	404.4	377.6	360.0	290.1	228.7	274.5	327.2	322.7	254.4
1. Short-term trade accounts payable	197.9	151.1	178.1	160.3	164.8	128.7	145.8	136.3	122.8	103.9	134.3	108.5
2. Short-term advances from customers	3.8	6.4	4.7	6.1	3.2	4.0	3.3	2.8	0.8	0.7	0.9	1.3
3. Taxes and other payables to state authorities	12.0	43.3	43.4	6.4	6.3	31.2	6.9	0.0	0.2	84.1	58.6	16.0
4. Payable to employees	16.3	14.8	12.1	10.3	15.8	14.6	12.5	10.6	16.9	14.8	12.3	11.3
5. Short-term acrrued expenses	75.1	88.0	97.0	38.7	60.3	57.8	69.8	52.3	83.6	77.8	69.9	69.1
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1.4	2.5	3.4	2.1	1.6	2.1	1.8	3.0	7.1	11.2	13.8	15.8
10. Short-term borrowings and financial leases	67.0	127.0	228.0	164.0	99.0	95.0	20.8	0.0	0.0	0.0	0.0	0.0
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	24.0	24.4	23.9	16.5	26.6	26.5	29.3	23.8	43.2	34.7	33.0	32.5
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	3.1	3.3	3.3	3.8	3.9	4.6	4.3	4.3	4.4	4.2	4.9	5.0
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	0.6	0.7	0.7	0.7	0.7	1.4	1.1	1.0	1.1	1.3	1.6	1.8
8. Long-term borrowings and financial leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	2.5	2.6	2.6	3.1	3.2	3.2	3.2	3.3	3.3	2.9	3.2	3.3
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)	2,279.3	2,331.6	2,306.3	2,348.2	2,305.2	2,351.3	2,312.9	2,372.2	2,327.3	2,360.4	2,274.9	2,301.6
I. Owner's equity	2,279.3	2,331.6	2,306.3	2,348.2	2,305.2	2,351.3	2,312.9	2,372.2	2,327.3	2,360.4	2,274.9	2,301.6
1. Owner's capital	1,100.0	1,100.0	1,100.0	1,100.0	1,100.0	1,100.0	1,100.0	1,100.0	1,100.0	1,100.0	1,100.0	1,100.0
- Common stock with voting right	1,100.0	1,100.0	1,100.0	1,100.0	1,100.0	1,100.0	1,100.0	1,100.0	1,100.0	1,100.0	1,100.0	1,100.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	817.3	817.3	817.3	817.3	817.3	817.3	817.3	817.3	817.3	817.3	817.3	817.3
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	148.8	148.8	148.8	148.8	148.8	148.8	148.8	153.8	148.8	140.2	130.7	121.5
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	213.3	265.6	240.3	282.1	239.1	285.2	246.9	301.2	261.2	302.9	226.9	262.9
- Accumulated retained earning at the end of the previous period	129.1	129.1	129.1	239.1	151.2	151.2	151.2	261.2	71.7	71.7	71.7	181.7
- Undistributed earnings in this period	84.1	136.4	111.2	43.0	87.9	134.0	95.7	40.0	189.5	231.2	155.3	81.2
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	—	—	—	—	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)	2,679.9	2,792.4	2,900.4	2,756.4	2,686.7	2,715.8	2,607.3	2,605.3	2,606.1	2,691.8	2,602.5	2,561.1

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	72.9	34.5	86.5	54.7	79.4	49.8	64.7	58.1	96.8	108.8	105.7	112.2
Depreciation of Fixed Assets and Investment Property	17.3	17.3	17.2	16.9	16.9	16.7	16.6	16.9	18.1	16.6	14.9	12.5
Provision (Increase)/Reversal	-0.6	1.0	-0.2	0.6	-0.3	0.4	-0.9	-0.3	1.7	-1.5	1.4	-0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.0	-0.0	0.0	0.1	-0.0	0.0	-0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-22.9	-23.5	-25.1	-22.1	-23.3	-20.4	-19.1	-28.6	-39.4	-40.3	-40.1	-30.2
Interest Expense	0.9	1.7	2.0	1.2	1.2	0.6	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	67.5	31.0	80.3	51.3	74.0	47.1	61.3	46.1	77.2	83.6	82.0	94.5
Increase/(Decrease) in Receivables	-2.2	61.3	-84.7	58.0	20.4	10.7	-0.9	50.1	70.2	-13.4	-17.5	-5.6
Increase/(Decrease) in Inventory	-24.3	36.8	22.0	-73.4	15.2	49.6	-2.5	-70.7	-15.0	92.5	-43.9	-25.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-15.1	17.0	35.8	-27.3	-9.1	-11.5	15.9	-47.2	-63.0	-3.7	56.1	20.4
Increase/(Decrease) in Prepaid Expenses	-0.3	2.5	1.3	4.3	0.4	-5.1	0.8	3.5	-3.5	-6.1	-1.8	-0.1
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.5	-3.1	-0.7	-1.2	-0.4	-0.1	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-17.2	-6.3	0.0	-6.5	-12.7	0.0	0.0	0.0	-52.0	-10.7	0.0	-0.4
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-7.0	-2.3	-0.2	-14.9	-7.1	-7.0	-0.1	-24.4	-0.1	-8.2	-8.7	-9.7
Net Cash Flow from Operating Activities	-0.1	136.9	53.8	-9.7	80.6	83.5	74.6	-42.6	13.8	133.9	66.1	73.6
Payments for Fixed Assets and Other Long-term Assets	-17.4	-62.8	-38.4	-55.5	-42.8	-17.4	-10.5	-22.8	-153.8	-12.3	-45.5	-34.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.1	1.4	1.3	1.3	1.0	0.9	4.9	0.3	0.6	0.5	1.2	1.1
Loans and Purchases of Debt Instruments	-310.0	-534.0	-110.0	-795.0	-310.0	-600.0	-95.1	-1,023.0	-296.8	-272.0	-117.0	-1,498.0
Receipts from Loan Repayments and Sale of Debt Instruments	428.0	540.0	135.0	793.0	345.1	435.0	110.3	977.6	343.1	201.8	190.4	1,249.6
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	15.4	33.3	5.1	39.1	17.1	20.4	1.8	113.3	22.0	12.5	6.2	76.9
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	118.2	-22.2	-7.1	-17.1	10.4	-161.1	11.3	45.4	-84.8	-69.5	35.3	-205.3
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	0.0	57.0	78.0	150.0	34.0	74.2	20.8	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-60.0	-158.0	-14.0	-85.0	-30.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-110.0	0.0	-110.0	—	-110.0	0.0	-110.0	0.0	-110.0	-0.1	-110.0	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	-170.0	-101.0	-46.0	65.0	-106.0	74.2	-89.2	0.0	-110.0	-0.1	-110.0	0.0
Net Cash Flow During the Period	-51.9	13.7	0.7	38.2	-15.0	-3.4	-3.3	2.7	-181.0	64.3	-8.5	-131.6
Cash and Cash Equivalents at Beginning of Period	88.9	75.2	74.5	36.3	55.2	55.2	55.2	55.2	312.0	312.0	312.0	312.0
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	37.0	88.9	75.2	74.5	36.3	51.3	54.7	58.0	55.2	236.2	171.9	180.4

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