MED

Listed Company · HNX

Price

20,400

Latest close

31 Mar 2026

P/E 14.5x

EPS (TTM) 1,407

ROE (TTM) 5.3%

P/B 0.8x

BVPS (Latest) 26,652

ROA (TTM) 3.6%

What Is Changing

MED has not yet shown a broad-based top-line recovery. Revenue posted -17.2% YoY, but net margin reached 4.32% with an additional +0.9pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from 2.92% in 2023 to 4.32% in 2025.
Revenue decreased 17.2% YoY to VND 366.8bn in 2025.
Net Income reached a multi-period high at VND 15.8bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	366.8	443.1	402.7	401.1	344.0
Growth	-17%	+10%	+0%	+17%	—
Net Income	15.8	15.2	11.7	6.0	3.7
Net Margin	4.32%	3.44%	2.92%	1.50%	1.06%

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	117.6	87.1	162.3	75.4	105.9	92.2	140.3	105.0	111.3	106.1	96.6	86.9
Growth	+35%	-46%	+115%	-29%	+15%	-34%	+34%	-6%	+5%	+10%	+11%	—
Net Income	6.1	3.9	5.2	2.2	2.9	3.5	4.9	3.8	4.1	3.4	3.3	1.0
Net Margin	5.22%	4.49%	3.22%	2.89%	2.74%	3.78%	3.50%	3.65%	3.71%	3.22%	3.44%	1.12%

Financial Statements

Profitability

Net margin reached 4.32% while Revenue posted -17.2% YoY.

Balance Sheet

Inventory stood at 93.2bn, liabilities at 126.0bn, and equity at 331.3bn.

Cash Flow

Operating cash flow was -5.4bn in 2025, while investing cash flow was -4.0bn.

Financing cash flow: -8.9bn.

Item	2025	2024	2023	2022	2021
Revenue	369.0	443.5	404.3	402.0	344.7
Revenue Deductions	2.1	0.3	1.6	1.0	0.0
Net Revenue	366.8	443.1	402.7	401.1	344.0
Cost of Goods Sold	281.0	350.6	319.7	322.6	0.0
Gross Profit	85.8	92.6	83.1	78.4	68.1
Financial Income	1.4	2.2	7.9	5.9	4.8
Financial Expenses	3.7	5.9	6.7	7.5	-5.5
Interest Expense	2.3	3.8	5.4	5.0	-3.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	4.7	8.0	12.7	14.4	-16.0
General and Administrative Expenses	58.6	62.4	56.2	54.9	-43.2
Operating Profit	20.1	18.5	15.3	7.4	8.2
Other Income	0.6	1.2	0.0	3.4	0.0
Other Expenses	0.1	0.3	0.4	2.6	0.0
Other Profit	0.5	0.9	-0.4	0.8	-2.7
Profit Before Tax	20.7	19.4	14.9	8.2	5.5
Current Income Tax Expense	4.8	4.2	3.2	2.2	-1.9
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	15.8	15.2	11.7	6.0	3.7
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	15.8	15.2	11.7	6.0	3.7
Earnings per Share	1,276.00	1,229.00	946.00	554.00	581.00
Diluted EPS	1,275.86	1,228.59	946.32	485.24	581.28

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	205.0	253.1	344.5	456.5	342.1
I. Cash and cash equivalents	24.4	42.6	43.5	81.2	46.1
1. Cash	12.4	30.6	21.5	18.2	0.0
2. Cash equivalents	12.0	12.0	22.0	63.0	0.0
II. Short-term financial investments	6.7	12.0	20.0	92.4	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	6.7	12.0	20.0	92.4	0.0
III. Short-term receivables	68.6	99.2	163.5	167.3	151.4
1. Short-term trade accounts receivable	43.8	69.9	91.7	128.0	0.0
2. Short-term prepayments to suppliers	27.0	27.9	26.2	28.5	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	2.2	4.4	46.4	11.6	0.0
7. Provision for short-term doubtful debts (*)	-4.4	-3.0	-0.8	-0.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	93.2	87.5	102.9	101.3	87.9
1. Inventories	93.2	87.5	103.0	101.4	0.0
2. Provision for decline in value of inventories	—	0.0	-0.0	-0.0	0.0
V. Other short-term assets	12.0	11.8	14.5	14.3	8.2
1. Short-term prepayments	0.1	0.2	0.2	0.0	0.0
2. Value added tax to be reclaimed	11.7	11.5	14.2	14.2	0.0
3. Taxes and other receivables from state authorities	0.2	0.0	0.0	0.0	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)	252.4	250.7	254.4	241.4	151.5
I. Long-term receivables	5.3	4.3	4.2	4.4	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	4.4
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	5.3	4.3	4.2	4.4	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	32.2	34.4	42.6	51.1	42.1
1. Tangible fixed assets	32.2	34.4	42.6	51.1	42.1
- Cost	159.1	154.4	164.2	171.9	0.0
- Accumulated depreciation	-126.8	-119.9	-121.6	-120.8	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	0.0	0.0	0.0
- Cost	0.3	0.3	0.3	0.3	0.0
- Accumulated depreciation	-0.3	-0.3	-0.3	-0.3	0.0
III. Investment properties	1.6	1.9	0.0	0.0	0.0
- Cost	11.4	11.4	0.0	0.0	0.0
- Accumulated depreciation	-9.7	-9.5	0.0	0.0	0.0
IV. Long-term assets in progress	180.5	177.7	171.1	145.6	67.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	180.5	177.7	171.1	145.6	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	32.8	32.4	36.4	40.2	0.0
1. Long-term prepayments	32.8	32.4	36.4	40.2	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	37.9
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)	457.3	503.8	598.9	697.9	493.6
A. LIABILITIES (300=210+330)	126.0	172.9	271.7	376.2	327.9
I. Short -term liabilities	126.0	172.9	271.7	376.2	327.9
1. Short-term trade accounts payable	55.2	78.0	74.4	84.8	41.4
2. Short-term advances from customers	15.2	15.8	29.5	12.0	18.9
3. Taxes and other payables to state authorities	4.9	1.1	0.8	2.3	0.0
4. Payable to employees	11.2	12.2	13.1	11.8	0.0
5. Short-term acrrued expenses	0.4	0.4	0.0	0.1	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	0.2	0.2	0.2	0.0	0.0
9. Other short-term payables	2.8	35.0	86.6	171.5	0.0
10. Short-term borrowings and financial leases	33.9	27.8	64.5	90.8	68.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.2	2.5	2.5	2.9	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	0.0	0.0	0.0
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	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	—	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	—	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)	331.3	330.9	327.2	321.7	165.8
I. Owner's equity	331.3	330.9	327.2	321.7	0.0
1. Owner's capital	124.1	124.1	124.1	124.1	165.8
- Common stock with voting right	124.1	124.1	124.1	124.1	62.8
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	121.2	121.2	121.2	121.2	29.4
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	69.8	69.8	69.8	69.8	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	16.2	15.8	12.1	6.5	3.8
- Accumulated retained earning at the end of the previous period	0.4	0.5	0.3	0.5	0.0
- Undistributed earnings in this period	15.8	15.2	11.7	6.0	3.7
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)	457.3	503.8	598.9	697.9	493.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	20.7	19.4	14.9	8.2	5.5
Depreciation of Fixed Assets and Investment Property	7.2	7.9	8.4	10.1	9.5
Provision (Increase)/Reversal	1.4	2.2	0.0	-0.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.0	-0.0	-0.4	0.0
Gain/Loss from Investment Activities	-0.5	-0.8	-6.4	-4.7	0.0
Interest Expense	2.3	3.8	5.4	5.0	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	31.0	32.6	22.3	17.6	15.1
Increase/(Decrease) in Receivables	27.8	23.3	17.7	-6.9	0.0
Increase/(Decrease) in Inventory	-5.7	15.4	-1.6	-13.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-51.2	-16.8	-61.7	1.9	0.0
Increase/(Decrease) in Prepaid Expenses	-0.9	1.4	3.7	-2.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-2.3	-3.8	-5.4	-5.0	0.0
Corporate Income Tax Paid	-3.4	-3.9	-4.7	-0.3	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.7	-0.5	-0.3	-0.3	0.0
Net Cash Flow from Operating Activities	-5.4	47.7	-30.1	-8.6	62.1
Payments for Fixed Assets and Other Long-term Assets	-9.8	-10.0	-40.0	-83.5	-54.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.2	1.0
Loans and Purchases of Debt Instruments	-2.7	0.0	-25.0	-74.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	8.0	8.0	97.4	30.0	6.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.5	1.1	-7.2	4.3	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-4.0	-0.9	25.2	-122.9	-43.9
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	153.1	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	133.3	157.8	193.6	205.1	180.3
Repayment of Borrowings	-127.2	-194.4	-220.0	-183.0	-192.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-15.0	-11.0	-6.4	-8.8	-13.3
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	-8.9	-47.7	-32.8	166.5	-25.3
Net Cash Flow During the Period	-18.2	-0.9	-37.7	34.9	-27.5
Cash and Cash Equivalents at Beginning of Period	42.6	43.5	81.2	46.2	53.2
FX Difference from Revaluation	-0.0	-0.0	0.0	0.1	0.0
Cash and Cash Equivalents at End of Period	24.4	42.6	43.5	81.2	46.1

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	117.6	87.1	162.3	75.4	105.9	92.5	140.3	105.0	111.4	106.3	97.5	87.2
Revenue Deductions	—	—	0.0	0.0	0.0	0.3	0.0	0.0	0.1	0.2	0.9	0.3
Net Revenue	117.6	87.1	162.3	75.4	105.9	92.2	140.3	105.0	111.3	106.1	96.6	86.9
Cost of Goods Sold	90.0	69.3	122.6	57.4	82.9	71.1	114.0	82.4	87.7	84.1	78.0	68.0
Gross Profit	27.7	17.8	39.8	18.0	23.0	21.2	26.3	22.5	23.6	21.9	18.6	18.9
Financial Income	0.0	0.3	1.0	0.4	0.5	0.5	0.8	0.3	2.2	1.4	3.4	0.8
Financial Expenses	1.3	0.7	1.7	0.6	1.4	1.1	1.4	1.4	1.9	1.4	1.6	1.8
Interest Expense	0.6	0.6	1.1	0.4	0.0	1.1	1.1	1.1	1.3	1.2	1.4	1.5
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.4	1.0	2.4	1.2	1.3	1.5	2.8	2.3	3.9	3.3	2.0	3.6
General and Administrative Expenses	17.8	11.5	30.0	13.8	17.0	14.5	16.7	14.2	14.8	14.3	14.1	13.0
Operating Profit	7.2	5.0	6.6	2.8	3.9	4.5	6.2	5.0	5.3	4.3	4.4	1.3
Other Income	1.2	—	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.1	0.0	0.0	0.0	0.1	0.0	0.1	0.0	0.0	0.2	0.0
Other Profit	1.2	-0.1	-0.0	-0.0	-0.0	-0.1	-0.0	-0.1	-0.0	-0.0	-0.2	0.0
Profit Before Tax	8.4	5.0	6.6	2.8	3.8	4.4	6.2	4.9	5.2	4.3	4.2	1.3
Current Income Tax Expense	2.2	1.1	1.4	0.6	0.9	0.9	1.3	1.0	1.1	0.9	0.9	0.3
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	6.1	3.9	5.2	2.2	2.9	3.5	4.9	3.8	4.1	3.4	3.3	1.0
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	6.1	3.9	5.2	2.2	2.9	3.5	4.9	3.8	4.1	3.4	3.3	1.0
Earnings per Share	495.00	315.00	421.00	176.00	234.00	280.00	396.00	309.00	332.00	275.00	306.00	89.00
Diluted EPS	495.00	315.00	421.00	176.00	1,223.00	280.68	395.99	308.56	332.43	275.22	267.87	78.17

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)	204.2	204.0	227.9	231.7	253.3	253.4	375.2	357.8	345.3	301.7	438.6	472.6
I. Cash and cash equivalents	24.4	25.0	27.3	34.5	42.6	35.7	30.3	31.2	43.5	13.8	27.0	60.5
1. Cash	12.4	13.0	15.3	22.5	30.6	35.7	30.3	19.2	21.5	11.8	27.0	15.4
2. Cash equivalents	12.0	12.0	12.0	12.0	12.0	0.0	0.0	12.0	22.0	2.0	0.0	45.1
II. Short-term financial investments	6.7	4.0	9.0	9.0	12.0	24.0	24.0	20.0	20.0	57.4	137.4	92.4
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	6.7	4.0	9.0	9.0	12.0	24.0	24.0	20.0	20.0	57.4	137.4	92.4
III. Short-term receivables	68.4	69.6	83.6	88.8	99.2	110.8	213.9	187.3	164.4	143.2	181.8	210.9
1. Short-term trade accounts receivable	43.7	44.8	53.5	60.3	69.9	79.0	108.0	104.2	92.7	94.2	99.2	111.4
2. Short-term prepayments to suppliers	26.9	25.7	29.4	26.9	27.9	28.2	28.1	27.0	26.2	25.9	30.3	30.7
3. Short-term inter-company receivables	—	—	—	-0.0	0.1	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	2.2	2.2	3.8	4.6	4.3	4.5	78.6	56.9	46.2	23.9	53.0	69.7
7. Provision for short-term doubtful debts (*)	-4.4	-3.0	-3.0	-3.0	-3.0	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	92.7	94.6	96.4	88.1	87.7	70.8	93.6	105.1	102.9	73.7	78.0	94.4
1. Inventories	92.7	94.6	96.4	88.1	87.7	70.8	93.6	105.1	102.9	73.7	78.0	94.5
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	12.0	10.9	11.6	11.3	11.7	12.0	13.4	14.2	14.5	13.6	14.5	14.3
1. Short-term prepayments	0.1	0.2	0.2	0.1	0.2	0.2	0.1	0.1	0.2	0.1	0.1	0.0
2. Value added tax to be reclaimed	11.7	10.6	11.3	11.2	11.5	1.2	13.1	13.6	14.2	13.5	14.0	14.0
3. Taxes and other receivables from state authorities	0.2	0.0	0.0	0.1	0.0	10.6	0.2	0.4	0.0	0.1	0.4	0.3
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)	252.5	253.5	255.0	252.4	250.7	250.6	251.4	252.2	254.7	255.6	251.9	242.7
I. Long-term receivables	5.3	5.3	5.3	4.3	4.3	4.3	4.2	4.2	4.4	4.4	4.4	4.4
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	5.3	5.3	5.3	4.3	4.3	4.3	4.2	4.2	4.4	4.4	4.4	4.4
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	32.2	33.1	34.4	33.1	34.4	36.0	39.7	40.6	42.6	44.6	46.6	48.8
1. Tangible fixed assets	32.2	33.0	34.4	33.0	34.4	36.0	39.7	40.6	42.6	44.6	46.6	48.8
- Cost	—	—	—	—	154.4	154.0	165.2	164.2	164.2	164.2	164.2	171.9
- Accumulated depreciation	—	—	—	—	-119.9	-118.1	-125.5	-123.5	-121.6	-119.5	-117.5	-123.1
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	0.0	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
III. Investment properties	1.6	1.7	1.8	1.8	1.9	2.0	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	180.6	180.1	179.4	178.5	177.7	176.3	172.2	171.7	171.1	169.9	162.4	150.4
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	180.6	180.1	179.4	178.5	177.7	176.3	172.2	171.7	171.1	169.9	162.4	150.4
V. Long-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	32.8	33.3	34.1	34.7	32.4	32.1	35.2	35.6	36.6	36.7	38.4	39.1
1. Long-term prepayments	32.8	33.3	34.1	34.7	32.4	32.1	35.2	35.6	36.6	36.7	38.4	39.1
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)	456.7	457.5	482.9	484.1	504.0	504.0	626.5	609.9	600.0	557.3	690.5	715.3
A. LIABILITIES (300=210+330)	126.0	132.9	162.2	151.1	173.2	176.1	290.6	278.9	272.7	234.2	370.7	392.7
I. Short -term liabilities	126.0	132.9	162.2	151.1	173.2	176.1	290.6	278.9	272.7	234.2	370.7	392.7
1. Short-term trade accounts payable	55.1	42.3	42.8	52.0	78.3	42.0	61.6	64.9	75.4	60.9	54.9	53.8
2. Short-term advances from customers	15.2	22.9	29.4	24.6	15.8	9.7	16.2	33.9	29.5	12.4	15.6	13.5
3. Taxes and other payables to state authorities	4.7	2.5	1.5	0.8	1.1	2.9	2.3	1.1	0.8	2.1	1.3	0.3
4. Payable to employees	11.5	9.3	7.5	6.7	12.2	11.2	9.4	8.2	13.2	10.6	8.1	7.0
5. Short-term acrrued expenses	0.4	0.2	0.4	0.3	0.4	2.5	2.5	0.4	0.0	0.0	0.0	0.0
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	0.2	0.5	0.2	0.1	0.2	0.2	0.0	0.2	0.2	0.0	0.0	0.0
9. Other short-term payables	2.7	3.0	33.2	14.8	35.0	35.9	109.9	87.2	86.6	74.1	219.5	229.9
10. Short-term borrowings and financial leases	33.9	49.9	44.4	49.6	27.8	69.4	86.2	80.5	64.5	71.5	68.8	85.7
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	2.2	2.2	2.7	2.2	2.5	2.5	2.5	2.5	2.5	2.5	2.6	2.6
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	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)	330.7	324.6	320.7	333.0	330.8	327.9	335.9	331.0	327.3	323.2	319.7	322.6
I. Owner's equity	330.7	324.6	320.7	333.0	330.8	327.9	335.9	331.0	327.3	323.2	319.7	322.6
1. Owner's capital	124.1	124.1	124.1	124.1	124.1	124.1	124.1	124.1	124.1	124.1	124.1	124.1
- Common stock with voting right	124.1	124.1	124.1	124.1	124.1	124.1	124.1	124.1	124.1	124.1	124.1	124.1
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	121.2	121.2	121.2	121.2	121.2	121.2	121.2	121.2	121.2	121.2	121.2	121.2
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	69.8	69.8	69.8	69.8	69.8	69.8	69.8	69.8	69.8	69.8	69.8	69.8
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	15.6	9.5	5.6	17.9	15.7	12.8	20.8	15.9	12.2	8.1	4.6	7.5
- Accumulated retained earning at the end of the previous period	0.4	0.4	0.4	0.5	0.5	0.5	12.1	12.1	0.3	0.3	0.3	5.1
- Undistributed earnings in this period	15.3	9.1	5.2	17.4	15.2	12.3	8.7	3.8	11.8	7.7	4.3	2.4
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	456.7	457.5	482.9	484.1	504.0	504.0	626.5	609.9	600.0	557.3	690.5	715.3

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	9.1	5.0	-7.8	14.4	3.8	4.4	6.2	4.9	5.1	4.3	4.2	1.3
Depreciation of Fixed Assets and Investment Property	1.6	1.9	1.9	1.8	1.9	2.0	2.0	2.0	2.0	2.0	2.1	2.3
Provision (Increase)/Reversal	1.4	—	—	—	2.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	—	-0.0	—	0.0	-0.2	0.2	0.0	-0.1	0.0	0.5	-0.4
Gain/Loss from Investment Activities	0.1	-0.3	-0.2	-0.1	-0.3	-0.1	-0.4	-0.1	-1.8	-1.4	-2.7	-0.5
Interest Expense	0.6	0.6	0.7	0.4	-0.9	1.1	1.2	1.1	1.3	1.2	1.4	1.5
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	12.7	7.3	-5.5	16.5	6.8	7.2	9.2	7.8	6.5	6.1	5.5	4.3
Increase/(Decrease) in Receivables	-1.7	14.8	4.0	10.6	10.0	28.5	5.6	-23.0	-4.1	36.9	26.4	-41.6
Increase/(Decrease) in Inventory	1.3	1.9	-8.4	-0.5	-16.9	22.7	11.6	-2.2	-29.2	4.3	16.5	6.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	19.6	-27.9	6.8	-49.7	31.6	-24.6	-27.4	-7.3	46.0	-134.7	-11.7	38.7
Increase/(Decrease) in Prepaid Expenses	0.0	0.8	0.4	-2.2	-0.3	0.3	0.4	0.9	0.2	1.7	0.6	1.1
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.6	-0.7	-0.6	-0.4	1.0	-1.5	-0.7	-1.1	-1.2	-1.2	-1.4	-1.6
Corporate Income Tax Paid	-2.5	0.0	0.0	-0.9	-2.7	0.0	-0.5	-0.7	-2.5	-0.0	0.0	-2.2
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.5	0.0	0.0	-0.3	0.3	-0.4	-0.0	-0.0	-0.0	-0.0	-0.0	-0.3
Net Cash Flow from Operating Activities	28.5	-3.8	-3.2	-26.9	29.8	32.3	-1.8	-25.6	15.7	-87.0	35.9	5.3
Payments for Fixed Assets and Other Long-term Assets	-5.3	0.7	-5.5	0.4	4.7	0.3	-1.6	-2.4	-3.2	-4.2	-10.3	-22.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-2.7	—	—	—	4.0	-4.0	0.0	0.0	0.0	0.0	-7.0	-18.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	5.0	0.0	3.0	8.0	-8.0	8.0	0.0	37.4	0.0	42.0	18.0
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	-0.1	0.2	0.3	0.1	-0.1	0.2	1.3	-0.4	-13.1	1.4	2.9	1.6
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	-8.0	5.9	-5.3	3.4	16.6	-11.6	7.6	-2.8	21.2	-2.8	27.7	-20.8
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	26.4	36.2	31.2	39.5	13.4	28.8	56.4	59.2	50.2	46.7	41.0	55.7
Repayment of Borrowings	-42.3	-30.8	-36.4	-17.7	-54.9	-45.3	-51.1	-43.1	-57.3	-43.9	-57.9	-60.8
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-5.1	-9.8	6.4	-6.4	2.0	-10.8	-0.0	-0.0	-0.0	-6.2	-0.2	-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	-21.1	-4.4	1.2	15.4	-39.6	-27.3	5.3	16.0	-7.1	-3.4	-17.1	-5.2
Net Cash Flow During the Period	-0.6	-2.3	-7.3	-8.1	6.9	-6.6	11.2	-12.4	29.7	-93.2	46.5	-20.7
Cash and Cash Equivalents at Beginning of Period	25.0	27.3	34.5	42.6	43.5	43.5	43.5	43.5	81.2	81.2	81.2	81.2
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
Cash and Cash Equivalents at End of Period	24.4	25.0	27.3	34.5	42.6	35.7	42.4	31.2	43.5	13.8	107.0	60.5

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What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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