MH3

Listed Company · UPCOM

Price

28,000

Latest close

03 Apr 2026

P/E 15.8x

EPS (TTM) 1,775

ROE (TTM) 7.2%

P/B 1.1x

BVPS (Latest) 24,632

ROA (TTM) 3.5%

What Is Changing

MH3 no longer looks like a business simply rebounding from a weak base. Revenue posted +4.4% YoY, while net margin reached 43.72% with an additional -5.2pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income growth slowed to -6.6% in 2025 from 1.3% in the prior period, at VND 42.8bn.
Revenue growth accelerated to 4.4% in 2025, up 43.8pp versus the prior year.
Net margin declined from 48.90% in the prior period to 43.72% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	97.8	93.6	154.5	82.3	72.6
Growth	+4%	-39%	+88%	+13%	—
Net Income	42.8	45.8	45.2	48.9	41.5
Net Margin	43.72%	48.90%	29.25%	59.34%	57.11%

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	23.5	25.5	26.2	22.5	25.1	22.8	24.4	21.4	92.0	22.3	21.5	20.3
Growth	-8%	-3%	+16%	-10%	+10%	-6%	+14%	-77%	+312%	+4%	+6%	—
Net Income	7.9	12.1	12.1	10.5	9.8	6.0	21.4	10.7	12.6	11.8	12.4	10.4
Net Margin	33.55%	47.51%	46.19%	46.56%	39.26%	26.21%	87.79%	50.07%	13.69%	52.64%	57.89%	51.11%

Financial Statements

Profitability

Net margin reached 43.72% while Revenue posted +4.4% YoY.

Balance Sheet

Inventory stood at 0.1bn, liabilities at 609.5bn, and equity at 591.3bn.

Cash Flow

Operating cash flow was 8.1bn in 2025, while investing cash flow was 38.6bn.

Financing cash flow: -38.7bn.

Item	2025	2024	2023	2022	2021
Revenue	97.8	93.6	154.5	82.3	72.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	97.8	93.6	154.5	82.3	72.6
Cost of Goods Sold	66.3	56.4	117.6	46.1	0.0
Gross Profit	31.5	37.3	36.8	36.2	30.5
Financial Income	38.5	39.4	41.1	30.8	29.6
Financial Expenses	0.0	0.0	0.0	0.0	-0.0
Interest Expense	—	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	0.1	0.1	0.1	0.1	-0.1
General and Administrative Expenses	17.7	19.8	22.5	8.9	-11.0
Operating Profit	52.2	56.8	55.3	58.0	49.0
Other Income	1.6	0.8	0.9	0.5	0.0
Other Expenses	0.0	0.1	0.0	0.2	0.0
Other Profit	1.5	0.7	0.9	0.3	-0.1
Profit Before Tax	53.8	57.4	56.2	58.3	49.0
Current Income Tax Expense	11.0	11.6	11.0	9.5	-7.5
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	42.8	45.8	45.2	48.9	41.5
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	42.8	45.8	45.2	48.9	41.5
Earnings per Share	1,713.00	1,842.00	2,786.00	4,071.00	3,456.00
Diluted EPS	1,781.49	1,908.24	1,882.98	4,070.95	3,455.63

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	848.3	838.3	909.0	612.6	581.7
I. Cash and cash equivalents	10.0	1.9	341.0	45.5	28.6
1. Cash	10.0	1.9	5.2	3.0	0.0
2. Cash equivalents	—	0.0	335.8	42.5	0.0
II. Short-term financial investments	807.6	810.2	532.4	533.2	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	807.6	810.2	532.4	533.2	0.0
III. Short-term receivables	30.4	23.7	32.9	32.5	44.3
1. Short-term trade accounts receivable	24.3	23.0	22.0	25.5	0.0
2. Short-term prepayments to suppliers	1.0	0.9	4.9	0.8	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	18.6	15.5	20.1	15.5	0.0
7. Provision for short-term doubtful debts (*)	-13.4	-15.6	-14.0	-9.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	0.1	0.4	0.2	0.1	0.3
1. Inventories	0.1	0.4	0.2	0.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.1	2.2	2.5	1.3	2.3
1. Short-term prepayments	—	0.0	0.0	0.0	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	0.1	2.2	2.5	1.3	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)	352.5	368.6	382.1	379.9	364.3
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	88.3	94.1	99.4	68.3	73.7
1. Tangible fixed assets	88.3	94.1	99.4	68.3	73.7
- Cost	154.2	152.2	149.9	112.3	0.0
- Accumulated depreciation	-66.0	-58.1	-50.5	-44.0	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
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
III. Investment properties	122.0	133.3	133.3	105.4	109.4
- Cost	224.4	224.4	213.2	175.4	0.0
- Accumulated depreciation	-102.5	-91.2	-80.0	-69.9	0.0
IV. Long-term assets in progress	23.9	23.2	23.5	73.4	49.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	23.9	23.2	23.5	73.4	0.0
V. Long-term financial investments	—	0.0	7.0	13.5	15.4
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	7.0	13.5	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	118.4	118.1	119.0	119.3	0.0
1. Long-term prepayments	118.4	118.1	119.0	119.3	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	116.4
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)	1,200.8	1,206.9	1,291.1	992.6	946.0
A. LIABILITIES (300=210+330)	609.5	615.3	702.1	733.6	706.8
I. Short -term liabilities	46.3	30.7	96.2	52.4	59.9
1. Short-term trade accounts payable	5.8	4.9	3.9	7.2	23.0
2. Short-term advances from customers	—	0.0	6.1	0.0	0.0
3. Taxes and other payables to state authorities	11.0	2.2	60.8	1.8	0.0
4. Payable to employees	0.9	1.2	1.2	2.9	0.0
5. Short-term acrrued expenses	0.7	0.6	0.9	0.0	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	24.0	17.4	19.3	19.8	0.3
9. Other short-term payables	3.9	4.3	4.1	4.9	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	15.2	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.1	0.0	0.4	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	563.2	584.6	605.9	681.2	646.9
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	12.7	16.7	20.6	18.5	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	550.6	567.9	585.3	662.7	624.0
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)	591.3	591.6	589.0	259.0	239.2
I. Owner's equity	559.2	556.6	550.9	218.0	0.0
1. Owner's capital	240.0	240.0	240.0	120.0	193.9
- Common stock with voting right	240.0	240.0	240.0	120.0	120.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	215.7	215.7	215.7	0.0	0.0
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	60.8	55.0	50.0	36.0	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	42.8	45.9	45.2	62.0	49.9
- Accumulated retained earning at the end of the previous period	0.0	0.1	0.0	13.1	8.5
- Undistributed earnings in this period	42.8	45.8	45.2	48.9	41.5
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	32.1	35.1	38.0	41.0	45.2
1. Subsidized not-for-profit funds	10.9	10.9	10.9	10.9	0.0
2. Funds invested in fixed assets	21.2	24.2	27.1	30.1	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,200.8	1,206.9	1,291.1	992.6	946.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-1.9	-13.7	-9.0	-9.9	0.0
Other Operating Receipts	34.9	2.3	1.1	0.9	0.0
Other Operating Payments	-45.1	-55.5	-20.0	-39.7	0.0
Net Cash Flow from Operating Activities	8.1	-73.1	12.0	66.8	-5.1
Payments for Fixed Assets and Other Long-term Assets	-2.1	-10.9	-33.6	-37.2	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.1	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	-276.1
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	243.1
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	35.9	43.6	36.2	28.5	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	38.6	-227.3	10.0	-20.8	-33.0
Proceeds from Equity Issuance and Capital Contributions	—	0.0	335.7	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	—	0.0	0.0	15.2	0.0
Repayment of Borrowings	—	0.0	-15.2	-7.7	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-38.7	-38.8	-47.0	-23.7	-44.4
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	-38.7	-38.8	273.5	-16.2	-44.4
Net Cash Flow During the Period	8.1	-339.2	295.5	29.9	0.0
Cash and Cash Equivalents at Beginning of Period	1.9	341.0	45.5	15.6	94.5
FX Difference from Revaluation	-0.0	0.0	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	10.0	1.9	341.0	45.5	0.0

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	23.5	25.5	26.2	22.5	25.1	22.8	24.4	21.4	92.0	22.3	21.5	20.3
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	23.5	25.5	26.2	22.5	25.1	22.8	24.4	21.4	92.0	22.3	21.5	20.3
Cost of Goods Sold	15.8	18.3	16.7	15.0	16.2	15.7	6.5	14.7	76.2	14.8	12.2	13.2
Gross Profit	7.7	7.2	9.5	7.5	8.9	7.2	17.8	6.7	15.9	7.5	9.2	7.1
Financial Income	9.9	9.8	9.5	9.3	9.5	4.1	14.8	11.0	12.2	10.3	9.8	8.8
Financial Expenses	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	7.6	2.0	4.9	3.8	6.5	3.8	5.7	4.4	11.8	4.0	4.1	3.4
Operating Profit	10.0	15.0	14.1	13.0	11.9	7.5	26.9	13.2	16.2	13.8	14.9	12.5
Other Income	0.1	0.2	1.1	0.2	0.5	0.2	0.0	0.2	0.2	0.6	0.0	0.1
Other Expenses	0.0	0.0	—	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.0	0.2	1.1	0.2	0.5	0.1	-0.0	0.2	0.2	0.6	0.0	0.1
Profit Before Tax	10.0	15.2	15.2	13.2	12.3	7.5	26.9	13.4	16.4	14.4	14.9	12.6
Current Income Tax Expense	2.2	3.1	3.1	2.7	2.5	1.5	5.4	2.7	3.8	2.6	2.5	2.2
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	7.9	12.1	12.1	10.5	9.8	6.0	21.4	10.7	12.6	11.8	12.4	10.4
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	7.9	12.1	12.1	10.5	9.8	6.0	21.4	10.7	12.6	11.8	12.4	10.4
Earnings per Share	328.00	505.00	505.00	437.00	410.00	250.00	1,784.00	446.00	525.00	980.00	1,036.00	865.00
Diluted EPS	328.50	505.39	505.04	437.15	410.01	249.54	891.95	445.54	525.09	495.91	1,035.75	865.23

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)	847.6	858.4	858.1	848.8	838.5	836.1	895.0	908.6	904.1	903.4	591.7	579.5
I. Cash and cash equivalents	10.0	19.9	5.4	3.1	1.9	7.7	363.3	366.1	341.0	332.9	8.5	7.7
1. Cash	10.0	19.9	5.4	3.1	1.9	7.7	4.6	20.3	5.2	332.9	2.0	7.7
2. Cash equivalents	—	—	—	—	0.0	0.0	358.7	345.8	335.8	0.0	6.5	0.0
II. Short-term financial investments	807.6	809.6	819.9	810.0	810.2	799.2	492.7	501.6	527.4	530.1	543.3	525.4
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	807.6	809.6	819.9	810.0	810.2	799.2	492.7	501.6	527.4	530.1	543.3	525.4
III. Short-term receivables	29.7	28.5	31.4	33.9	23.9	27.1	36.3	38.4	33.0	39.1	38.3	45.1
1. Short-term trade accounts receivable	24.3	27.2	24.9	26.6	23.0	26.7	28.5	26.3	22.0	28.9	27.7	31.8
2. Short-term prepayments to suppliers	1.0	1.1	0.9	0.9	0.9	1.7	1.8	2.5	4.9	1.0	0.9	1.0
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	18.6	13.9	21.2	22.0	15.7	13.6	21.5	23.6	20.1	18.4	18.9	21.5
7. Provision for short-term doubtful debts (*)	-14.1	-13.6	-15.6	-15.6	-15.6	-14.9	-15.4	-14.0	-14.0	-9.3	-9.3	-9.3
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	0.1	0.2	0.2	0.2	0.4	0.2	0.1	0.1	0.2	0.2	0.2	0.2
1. Inventories	0.1	0.2	0.2	0.2	0.4	0.2	0.1	0.1	0.2	0.2	0.2	0.2
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	0.2	0.2	1.2	1.5	2.2	1.9	2.6	2.3	2.5	1.2	1.4	1.1
1. Short-term prepayments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.2	0.2	1.2	1.5	2.2	1.9	2.6	2.3	2.5	1.2	1.4	1.1
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)	353.1	357.1	361.1	365.4	371.5	376.8	383.3	381.4	387.1	389.8	393.2	385.5
I. Long-term receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	88.3	90.0	92.0	94.0	94.1	93.9	95.6	97.5	99.4	64.1	65.5	66.9
1. Tangible fixed assets	88.3	90.0	92.0	94.0	94.1	93.9	95.6	97.5	99.4	64.1	65.5	66.9
- Cost	—	—	—	—	152.2	150.0	149.9	149.9	149.9	112.3	112.3	112.3
- Accumulated depreciation	—	—	—	—	-58.1	-56.1	-54.2	-52.4	-50.5	-48.2	-46.8	-45.4
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
- 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	122.0	124.8	127.6	130.4	133.3	125.2	127.9	130.6	133.3	136.0	138.3	103.2
- 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	23.9	23.6	23.4	23.2	23.2	34.4	34.4	28.0	23.5	59.0	58.7	83.1
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	23.9	23.6	23.4	23.2	23.2	34.4	34.4	28.0	23.5	59.0	58.7	83.1
V. Long-term financial investments	—	—	—	—	0.0	5.0	7.0	7.0	12.0	12.0	12.0	13.5
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	5.0	7.0	7.0	12.0	12.0	12.0	13.5
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	119.0	118.7	118.1	117.8	121.0	118.3	118.5	118.4	119.0	118.8	118.8	118.9
1. Long-term prepayments	119.0	118.7	118.1	117.8	121.0	118.3	118.5	118.4	119.0	118.8	118.8	118.9
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)	1,200.7	1,215.5	1,219.2	1,214.1	1,210.1	1,213.0	1,278.3	1,290.0	1,291.2	1,293.3	984.9	965.0
A. LIABILITIES (300=210+330)	609.5	631.4	646.6	612.8	615.8	627.8	698.9	691.1	702.1	724.1	752.7	720.4
I. Short -term liabilities	46.3	76.5	72.6	32.5	13.2	55.5	106.6	89.6	96.1	36.6	42.8	24.8
1. Short-term trade accounts payable	5.8	5.3	5.4	5.0	4.9	7.5	4.7	4.4	3.9	3.8	4.0	9.2
2. Short-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	6.1	0.0	0.0	0.0
3. Taxes and other payables to state authorities	10.9	8.9	6.2	3.1	2.9	1.9	54.6	59.6	60.7	2.7	2.5	2.2
4. Payable to employees	0.9	0.8	0.9	0.1	1.2	0.8	0.1	0.8	1.2	0.9	0.8	0.7
5. Short-term acrrued expenses	0.7	14.7	—	0.6	0.0	18.7	0.0	0.4	0.9	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	24.0	27.0	17.4	21.0	0.0	21.3	20.7	21.2	19.3	25.0	7.4	7.8
9. Other short-term payables	3.9	19.7	42.5	4.0	4.1	5.1	26.0	4.1	4.1	4.2	27.4	5.3
10. Short-term borrowings and financial leases	—	—	—	—	0.0	0.0	0.0	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	0.0	0.0	0.2	-1.4	0.1	0.2	0.6	-1.0	0.0	0.1	0.6	-0.5
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	563.2	554.9	573.9	580.3	602.6	572.3	592.3	601.5	605.9	687.5	709.9	695.6
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	12.7	—	14.7	16.7	17.3	0.0	18.7	20.6	20.6	16.9	16.2	18.5
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	550.6	554.9	559.2	563.6	585.3	572.3	573.6	580.9	585.3	670.6	693.7	677.1
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)	591.2	584.0	572.7	601.4	594.3	585.2	579.4	598.9	589.1	569.1	232.3	244.6
I. Owner's equity	559.1	551.2	539.1	567.1	559.2	549.4	542.9	561.6	551.0	530.3	192.7	204.3
1. Owner's capital	240.0	240.0	240.0	240.0	240.0	240.0	240.0	240.0	240.0	237.1	120.0	120.0
- Common stock with voting right	240.0	240.0	240.0	240.0	240.0	240.0	240.0	240.0	240.0	237.1	120.0	120.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	215.7	215.7	215.7	215.7	215.7	215.7	215.7	0.0	215.7	210.5	0.0	0.0
3. Convertible bond option	—	—	—	—	0.0	0.0	0.0	215.7	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	60.8	60.8	60.8	55.0	55.0	55.0	55.0	50.0	50.0	50.0	50.0	36.0
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	42.6	34.7	22.6	56.3	48.5	38.7	32.1	55.9	45.3	32.7	22.7	48.3
- Accumulated retained earning at the end of the previous period	0.0	0.0	0.0	45.9	0.1	0.1	0.1	45.2	0.0	0.0	0.0	38.0
- Undistributed earnings in this period	42.6	34.7	22.6	10.5	48.5	38.6	32.1	10.7	45.3	32.7	22.7	10.4
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	32.1	32.8	33.6	34.3	35.1	35.8	36.5	37.3	38.0	38.8	39.5	40.3
1. Subsidized not-for-profit funds	10.9	10.9	10.9	10.9	10.9	10.9	10.9	10.9	10.9	10.9	10.9	10.9
2. Funds invested in fixed assets	21.2	21.9	22.7	23.4	24.2	24.9	25.6	26.4	27.1	27.9	28.6	29.4
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)	1,200.7	1,215.5	1,219.2	1,214.1	1,210.1	1,213.0	1,278.3	1,290.0	1,291.2	1,293.3	984.9	965.0

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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	0.0	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	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	0.0	0.0	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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.1	0.0	-0.0	-1.8	-1.5	-5.6	-2.7	-3.9	-2.6	-2.3	-2.2	-1.8
Other Operating Receipts	—	—	—	—	7.4	13.3	26.0	0.3	-25.4	26.2	-3.6	4.0
Other Operating Payments	-38.7	-0.5	-1.3	-4.6	-3.6	-15.7	-37.6	-11.2	16.1	-27.9	42.9	-51.1
Net Cash Flow from Operating Activities	-32.4	26.9	12.5	1.1	-0.6	6.1	-20.9	-13.9	20.5	-26.3	71.8	-53.9
Payments for Fixed Assets and Other Long-term Assets	-1.7	-0.1	-0.4	—	-0.3	-0.1	-0.3	-0.1	-33.4	23.0	-23.2	0.1
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	—	—	—	—	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	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	35.9	0.0	0.0	0.0	0.0	0.0	-8.2	8.2	10.4	10.1	15.7	0.0
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	38.5	10.2	-10.3	0.2	-6.3	-304.6	0.4	38.9	-20.3	6.3	-26.5	50.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.0	0.0	0.0	0.0	7.9	327.8	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	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-15.2
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-16.0	-22.7	—	-0.0	1.0	-57.1	17.7	0.0	-0.0	-23.4	-47.0	23.4
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	-16.0	-22.7	—	-0.0	1.0	-57.1	17.7	0.0	7.9	304.4	-47.0	8.2
Net Cash Flow During the Period	-9.9	14.5	2.3	1.2	-5.9	-355.5	-2.8	25.1	8.1	284.4	-1.7	4.7
Cash and Cash Equivalents at Beginning of Period	19.9	5.4	3.1	1.9	341.0	341.0	341.0	341.0	45.5	45.5	45.5	3.0
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	10.0	19.9	5.4	3.1	1.9	7.7	363.3	366.1	341.0	332.9	48.5	7.7

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MH3

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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