MKP

Listed Company · UPCOM

Price

31,000

Latest close

03 Apr 2026

P/E 58.0x

EPS (TTM) 535

ROE (TTM) 1.1%

P/B 0.6x

BVPS (Latest) 50,070

ROA (TTM) 0.9%

What Is Changing

MKP no longer looks like a business simply rebounding from a weak base. Revenue posted +2.1% YoY, while net margin reached 0.46% with an additional -4.0pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin fell below its recent low, compressing 95bps to 0.46% in 2025.
Net Income fell to a multi-period low at VND 4.3bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	939.0	919.6	904.7	1,192.1	1,129.8
Growth	+2%	+2%	-24%	+6%	—
Net Income	4.3	40.8	25.1	41.7	15.9
Net Margin	0.46%	4.44%	2.78%	3.50%	1.40%

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	342.8	226.3	197.5	229.7	244.8	204.9	224.6	245.3	253.2	208.4	207.1	236.0
Growth	+52%	+15%	-14%	-6%	+19%	-9%	-8%	-3%	+21%	+1%	-12%	—
Net Income	53.1	-9.7	-15.9	-13.5	28.9	6.5	-6.2	14.2	18.7	2.5	-0.1	4.5
Net Margin	15.48%	-4.28%	-8.04%	-5.86%	11.80%	3.18%	-2.78%	5.80%	7.39%	1.19%	-0.05%	1.90%

Financial Statements

Profitability

Net margin reached 0.46% while Revenue posted +2.1% YoY.

Balance Sheet

Inventory stood at 640.5bn, liabilities at 389.8bn, and equity at 1,269.5bn.

Cash Flow

Operating cash flow was 64.8bn in 2025, while investing cash flow was 28.0bn.

Financing cash flow: -12.6bn.

Item	2025	2024	2023	2022	2021
Revenue	939.0	919.6	904.8	1,193.2	1,130.3
Revenue Deductions	0.1	0.0	0.1	1.1	0.0
Net Revenue	939.0	919.6	904.7	1,192.1	1,129.8
Cost of Goods Sold	691.0	671.5	637.4	843.4	0.0
Gross Profit	247.9	248.1	267.4	348.8	209.7
Financial Income	43.9	66.2	24.9	17.5	14.8
Financial Expenses	30.3	4.2	4.9	17.9	-2.9
Interest Expense	—	0.0	0.5	3.7	-0.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	119.8	110.4	108.6	151.4	-77.6
General and Administrative Expenses	137.2	146.3	151.7	130.2	-127.0
Operating Profit	4.5	53.4	27.1	66.7	17.0
Other Income	1.7	0.5	18.8	0.5	0.0
Other Expenses	0.4	0.8	2.5	2.4	0.0
Other Profit	1.3	-0.3	16.3	-2.0	7.2
Profit Before Tax	5.7	53.1	43.3	64.8	24.3
Current Income Tax Expense	1.4	12.3	18.2	23.1	-8.4
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	4.3	40.8	25.1	41.7	15.9
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	4.3	40.8	25.1	41.7	15.9
Earnings per Share	168.00	1,614.00	994.00	1,650.00	620.88
Diluted EPS	168.38	1,596.55	983.10	1,650.00	620.88

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,030.9	961.2	834.0	879.0	852.9
I. Cash and cash equivalents	227.1	173.7	130.1	62.0	49.2
1. Cash	20.1	108.7	70.1	57.0	0.0
2. Cash equivalents	207.0	65.0	60.0	5.0	0.0
II. Short-term financial investments	31.9	55.9	55.9	70.9	0.0
1. Available for sale securities	6.9	10.9	10.9	10.9	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	25.0	45.0	45.0	60.0	0.0
III. Short-term receivables	116.3	55.6	62.9	90.6	183.2
1. Short-term trade accounts receivable	57.9	51.2	62.4	112.7	0.0
2. Short-term prepayments to suppliers	25.8	14.7	2.8	11.3	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	44.5	1.5	1.6	1.2	0.0
7. Provision for short-term doubtful debts (*)	-11.8	-11.8	-3.9	-34.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	640.5	661.8	574.3	638.5	350.4
1. Inventories	670.9	692.1	593.4	646.3	0.0
2. Provision for decline in value of inventories	-30.3	-30.3	-19.1	-7.9	0.0
V. Other short-term assets	15.0	14.1	10.8	17.0	14.2
1. Short-term prepayments	3.7	3.6	2.9	2.9	0.0
2. Value added tax to be reclaimed	9.6	10.4	7.8	13.4	0.0
3. Taxes and other receivables from state authorities	1.7	0.1	0.0	0.7	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)	628.4	670.4	715.0	741.4	775.4
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	602.3	642.0	682.5	713.6	749.5
1. Tangible fixed assets	594.5	634.1	674.7	705.2	740.3
- Cost	1,040.9	1,041.3	1,045.8	1,029.4	0.0
- Accumulated depreciation	-446.3	-407.2	-371.1	-324.3	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	7.8	7.9	7.8	8.5	9.2
- Cost	14.0	14.0	13.5	13.5	0.0
- Accumulated depreciation	-6.2	-6.1	-5.7	-5.0	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	0.1	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.1	0.0	0.0	0.0	0.0
V. Long-term financial investments	24.1	24.1	24.1	24.1	24.1
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	24.1	24.1	24.1	24.1	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	—	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	2.0	4.4	8.4	3.7	0.0
1. Long-term prepayments	2.0	4.4	8.4	3.7	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	1.8
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)	1,659.3	1,631.6	1,548.9	1,620.4	1,628.3
A. LIABILITIES (300=210+330)	389.8	346.9	288.0	352.8	379.3
I. Short -term liabilities	187.9	160.1	122.6	199.8	158.1
1. Short-term trade accounts payable	95.9	64.2	27.1	77.6	75.8
2. Short-term advances from customers	46.1	48.8	41.1	34.3	21.7
3. Taxes and other payables to state authorities	—	6.4	7.4	18.0	0.0
4. Payable to employees	19.8	10.0	18.2	19.5	0.0
5. Short-term acrrued expenses	9.3	9.1	6.5	5.5	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	11.1	11.0	11.2	28.9	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	8.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	5.7	10.5	11.2	8.0	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	201.9	186.8	165.5	153.0	221.1
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	201.9	186.8	165.5	153.0	135.9
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	85.2
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)	1,269.5	1,284.7	1,260.9	1,267.6	1,249.1
I. Owner's equity	1,269.5	1,284.7	1,260.9	1,267.6	0.0
1. Owner's capital	255.5	255.5	255.5	255.5	1,249.1
- Common stock with voting right	255.5	255.5	255.5	255.5	255.5
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	409.8	409.8	409.8	409.8	409.8
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	-14.5	-14.5	-14.5	-14.5	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	581.8	578.6	576.6	574.6	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	36.9	55.3	33.5	42.3	25.0
- Accumulated retained earning at the end of the previous period	32.6	14.5	8.4	0.6	9.1
- Undistributed earnings in this period	4.3	40.8	25.1	41.7	15.9
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)	1,659.3	1,631.6	1,548.9	1,620.4	1,628.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	5.7	53.1	43.3	64.8	24.3
Depreciation of Fixed Assets and Investment Property	25.3	47.5	48.5	48.1	44.0
Provision (Increase)/Reversal	27.6	19.1	-19.4	13.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	0.1	-0.3	-1.4	0.0
Gain/Loss from Investment Activities	-43.9	-65.8	-24.1	-14.3	0.0
Interest Expense	—	0.0	0.5	3.7	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	14.8	54.0	48.4	114.7	64.8
Increase/(Decrease) in Receivables	-38.0	-3.4	65.6	84.0	0.0
Increase/(Decrease) in Inventory	18.6	-98.7	52.9	-296.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	90.1	58.2	-48.7	38.7	0.0
Increase/(Decrease) in Prepaid Expenses	-0.1	3.4	-4.8	-2.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	-0.5	-3.7	0.0
Corporate Income Tax Paid	-9.3	-11.7	-29.9	-8.9	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-11.2	-4.7	-3.1	-3.9	0.0
Net Cash Flow from Operating Activities	64.8	-2.9	80.0	-77.0	-55.6
Payments for Fixed Assets and Other Long-term Assets	-7.7	-9.3	-17.3	-12.2	-21.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	2.5	0.0	0.4	0.1
Loans and Purchases of Debt Instruments	-51.1	-215.8	-87.0	-208.8	-385.0
Receipts from Loan Repayments and Sale of Debt Instruments	75.2	215.8	102.0	393.8	333.0
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	11.4	65.7	23.4	13.9	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	28.0	59.0	21.1	187.0	-60.5
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	—	0.0	14.9	161.9	116.0
Repayment of Borrowings	—	0.0	-22.9	-239.2	-47.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-12.6	-12.6	-25.3	-20.2	-23.0
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	-12.6	-12.6	-33.3	-97.4	45.1
Net Cash Flow During the Period	80.2	43.4	67.8	12.6	12.8
Cash and Cash Equivalents at Beginning of Period	147.0	130.1	62.0	49.2	120.2
FX Difference from Revaluation	-0.0	0.2	0.2	0.2	-0.0
Cash and Cash Equivalents at End of Period	227.1	173.7	130.1	62.0	49.2

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
Revenue	342.8	226.3	197.6	229.7	244.8	204.9	224.6	245.3	253.2	208.4	207.1	236.1
Revenue Deductions	0.0	—	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
Net Revenue	342.8	226.3	197.5	229.7	244.8	204.9	224.6	245.3	253.2	208.4	207.1	236.0
Cost of Goods Sold	210.0	178.4	147.1	176.4	179.1	160.2	165.6	166.6	174.8	149.0	148.1	165.5
Gross Profit	132.8	47.9	50.4	53.3	65.7	44.7	59.0	78.7	78.4	59.4	59.0	70.5
Financial Income	3.3	6.6	2.9	1.3	38.1	25.9	2.0	0.4	14.3	7.3	1.5	1.2
Financial Expenses	0.5	0.6	1.3	0.4	0.9	0.0	2.0	1.4	1.0	1.0	1.8	1.2
Interest Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.2	0.1	0.1
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	36.9	26.6	25.4	31.0	26.3	25.4	32.5	26.2	28.0	21.9	27.0	31.7
General and Administrative Expenses	35.2	37.1	42.6	37.0	40.4	35.6	33.9	33.8	50.5	34.2	31.8	34.2
Operating Profit	63.5	-9.7	-15.9	-13.8	36.3	9.5	-7.4	17.7	13.2	9.7	-0.1	4.7
Other Income	1.2	0.1	0.0	0.3	0.2	0.2	0.0	0.0	17.8	0.0	0.0	1.0
Other Expenses	0.1	0.1	0.0	0.0	0.3	-0.0	0.4	0.0	1.6	0.9	0.0	0.1
Other Profit	1.1	-0.0	-0.0	0.3	-0.0	0.2	-0.4	0.0	16.2	-0.9	0.0	0.9
Profit Before Tax	64.6	-9.7	-15.9	-13.5	36.2	9.7	-7.8	17.8	29.4	8.8	-0.1	5.6
Current Income Tax Expense	11.6	—	—	—	7.4	3.2	-1.6	3.6	10.7	6.4	-0.0	1.1
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	53.1	-9.7	-15.9	-13.5	28.9	6.5	-6.2	14.2	18.7	2.5	-0.1	4.5
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	53.1	-9.7	-15.9	-13.5	28.9	6.5	-6.2	14.2	18.7	2.5	-0.1	4.5
Earnings per Share	2,077.53	-383.00	-628.00	-532.00	1,143.00	258.00	-247.00	563.00	741.00	98.00	-4.00	177.00
Diluted EPS	2,077.53	-383.00	-628.00	-532.00	1,673.00	258.00	-247.00	563.00	741.00	98.00	-4.00	177.00

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)	998.6	926.5	896.5	997.0	961.2	870.0	888.4	868.5	835.0	832.3	814.3	850.8
I. Cash and cash equivalents	227.1	161.8	85.9	132.3	173.7	47.2	34.6	157.0	130.1	70.8	36.7	37.9
1. Cash	20.1	44.8	65.9	47.3	108.7	47.2	34.6	77.0	70.1	65.8	31.7	32.9
2. Cash equivalents	207.0	117.0	20.0	85.0	65.0	0.0	0.0	80.0	60.0	5.0	5.0	5.0
II. Short-term financial investments	31.9	31.9	30.9	50.9	55.9	60.9	100.9	60.9	55.9	55.9	52.9	64.9
1. Available for sale securities	6.9	6.9	10.9	10.9	10.9	10.9	10.9	10.9	10.9	10.9	10.9	10.9
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	25.0	25.0	20.0	40.0	45.0	50.0	90.0	50.0	45.0	45.0	42.0	54.0
III. Short-term receivables	85.5	74.0	66.3	77.8	56.8	82.9	60.7	61.6	64.0	76.3	67.1	75.8
1. Short-term trade accounts receivable	57.9	55.1	47.6	59.0	51.2	61.3	57.2	54.2	94.1	100.5	92.0	99.6
2. Short-term prepayments to suppliers	25.8	19.2	13.6	13.7	14.7	4.0	7.0	7.3	2.8	7.0	6.5	9.3
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	13.6	11.6	17.0	16.9	1.5	26.7	2.9	5.0	1.6	3.3	3.1	1.5
7. Provision for short-term doubtful debts (*)	-11.8	-11.9	-11.9	-11.8	-10.6	-9.0	-6.4	-4.9	-34.6	-34.6	-34.6	-34.6
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	640.5	640.6	696.6	718.1	661.5	665.5	674.7	575.7	574.3	608.5	637.5	651.5
1. Inventories	670.9	670.9	727.0	748.4	691.8	695.9	696.6	597.6	593.4	620.1	649.1	659.4
2. Provision for decline in value of inventories	-30.3	-30.3	-30.3	-30.3	-30.3	-30.3	-21.9	-21.9	-19.1	-11.6	-11.6	-7.9
V. Other short-term assets	13.6	18.2	16.7	17.9	13.2	13.3	17.4	13.3	10.8	20.9	20.0	20.6
1. Short-term prepayments	3.9	6.4	2.9	5.0	2.8	2.8	2.6	3.9	2.9	5.4	3.7	4.8
2. Value added tax to be reclaimed	9.6	8.7	10.6	12.7	10.4	10.5	12.1	8.3	7.8	10.4	12.7	14.6
3. Taxes and other receivables from state authorities	0.1	3.0	3.1	0.3	0.1	0.0	2.7	1.0	0.0	5.1	3.6	1.2
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)	628.3	639.3	648.3	658.7	670.4	681.3	693.2	701.8	715.0	721.9	729.1	735.7
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	602.3	613.5	621.2	630.7	642.0	652.6	663.3	670.6	682.5	691.0	699.1	706.2
1. Tangible fixed assets	594.5	605.7	613.4	622.9	634.1	644.7	655.4	663.0	674.7	683.1	691.0	697.9
- Cost	—	—	—	—	1,041.3	1,041.2	1,049.6	1,045.9	1,045.8	1,042.4	1,038.3	1,033.2
- Accumulated depreciation	—	—	—	—	-407.2	-396.5	-394.2	-382.9	-371.1	-359.3	-347.3	-335.3
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	7.8	7.8	7.8	7.8	7.9	7.9	8.0	7.6	7.8	7.9	8.1	8.3
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	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	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	24.1	24.1	24.1	24.1	24.1	24.1	24.1	24.1	24.1	24.1	24.1	24.1
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	24.1	24.1	24.1	24.1	24.1	24.1	24.1	24.1	24.1	24.1	24.1	24.1
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	—	—	—	—	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	1.8	1.7	3.0	3.9	4.4	4.7	5.8	7.1	8.4	6.7	5.9	5.5
1. Long-term prepayments	1.8	1.7	3.0	3.9	4.4	4.7	5.8	7.1	8.4	6.7	5.9	5.5
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)	1,626.9	1,565.8	1,544.8	1,655.7	1,631.6	1,551.3	1,581.6	1,570.3	1,550.0	1,554.2	1,543.4	1,586.5
A. LIABILITIES (300=210+330)	347.8	339.7	308.9	384.5	345.5	294.0	329.7	295.2	288.0	311.0	303.2	314.4
I. Short -term liabilities	196.5	143.4	115.1	193.4	158.6	112.8	154.4	124.9	122.6	148.2	143.2	158.4
1. Short-term trade accounts payable	95.9	35.0	33.2	102.3	64.2	22.5	69.4	26.8	27.1	34.3	37.2	59.9
2. Short-term advances from customers	46.1	63.5	46.2	53.1	48.8	46.2	45.6	49.8	41.1	37.8	33.7	39.0
3. Taxes and other payables to state authorities	8.6	6.6	0.6	6.0	6.4	5.6	0.4	10.7	7.4	6.8	0.1	5.6
4. Payable to employees	19.8	12.7	8.2	10.0	10.0	8.7	8.7	9.6	18.2	10.8	9.0	11.0
5. Short-term acrrued expenses	9.3	8.8	9.6	9.9	7.7	7.7	7.6	7.7	6.5	6.8	6.9	6.9
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	11.1	11.0	11.1	11.1	11.0	11.0	11.0	11.2	11.2	29.0	29.0	29.0
10. Short-term borrowings and financial leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	10.9	14.9	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	5.7	5.7	6.3	1.1	10.5	11.1	11.7	9.1	11.2	11.8	12.5	6.9
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	151.4	196.4	193.8	191.1	186.8	181.2	175.3	170.3	165.5	162.8	160.0	156.0
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	151.4	196.4	193.8	191.1	186.8	181.2	175.3	170.3	165.5	162.8	160.0	156.0
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)	1,279.1	1,226.0	1,235.8	1,271.2	1,286.2	1,257.3	1,251.9	1,275.1	1,262.0	1,243.2	1,240.2	1,272.1
I. Owner's equity	1,279.1	1,226.0	1,235.8	1,271.2	1,286.2	1,257.3	1,251.9	1,275.1	1,262.0	1,243.2	1,240.2	1,272.1
1. Owner's capital	255.5	255.5	255.5	255.5	255.5	255.5	255.5	255.5	255.5	255.5	255.5	255.5
- Common stock with voting right	255.5	255.5	255.5	255.5	255.5	255.5	255.5	255.5	255.5	255.5	255.5	255.5
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	409.8	409.8	409.8	409.8	409.8	409.8	409.8	409.8	409.8	409.8	409.8	409.8
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	-14.5	-14.5	-14.5	-14.5	-14.5	-14.5	-14.5	-14.5	-14.5	-14.5	-14.5	-14.5
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	581.8	581.8	581.8	578.6	578.6	578.6	578.6	576.6	576.6	576.6	576.6	574.6
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	46.5	-6.6	3.3	41.9	56.8	27.9	22.5	47.7	34.6	15.9	12.8	46.8
- Accumulated retained earning at the end of the previous period	32.6	32.6	32.6	55.3	14.5	14.5	14.5	33.5	8.4	8.4	8.4	42.3
- Undistributed earnings in this period	13.9	-39.2	-29.3	-13.5	42.3	13.4	8.0	14.2	26.2	7.5	4.4	4.5
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)	1,626.9	1,565.8	1,544.8	1,655.7	1,631.6	1,551.3	1,581.6	1,570.3	1,550.0	1,554.2	1,543.4	1,586.5

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	44.9	-9.7	-16.0	-13.5	36.2	9.7	-9.1	17.8	28.3	8.8	0.6	5.6
Depreciation of Fixed Assets and Investment Property	-10.2	11.9	11.8	11.8	11.8	11.9	11.9	11.9	12.0	12.2	12.2	12.1
Provision (Increase)/Reversal	27.5	-0.0	0.2	—	1.6	9.9	2.6	3.8	-23.2	0.0	3.7	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.6	—	-0.5	—	0.1	-0.9	0.9	0.0	-0.3	-0.7	0.7	0.0
Gain/Loss from Investment Activities	-40.7	-0.5	-1.6	-1.1	-64.2	-0.6	-1.7	-0.2	-14.6	-6.5	-2.2	-0.8
Interest Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.2	0.1	0.1
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	21.7	2.2	-6.1	-2.9	-14.4	30.0	4.7	33.3	2.2	14.0	15.2	17.0
Increase/(Decrease) in Receivables	-17.9	-5.9	18.9	-33.2	26.6	-24.9	-5.7	-1.2	41.4	3.3	7.8	13.1
Increase/(Decrease) in Inventory	-2.6	56.0	21.4	-56.3	4.0	0.8	-99.0	-4.2	26.7	29.1	10.2	-13.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	83.2	31.8	-86.9	62.1	45.4	-33.7	35.6	11.4	0.2	-5.1	-30.7	-13.0
Increase/(Decrease) in Prepaid Expenses	0.0	-2.2	3.0	-0.9	0.4	0.9	2.6	0.3	0.8	-2.5	0.6	-3.6
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	-0.2	-0.1	-0.1
Corporate Income Tax Paid	0.0	0.0	-2.9	-6.4	-3.0	0.0	-3.0	-5.7	-11.5	0.0	-1.0	-17.4
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-0.6	-1.2	-9.4	-0.6	-0.6	-1.3	-2.1	-0.3	-1.0	-0.6	-1.1
Net Cash Flow from Operating Activities	84.4	81.3	-53.8	-47.1	58.3	-27.5	-66.1	31.7	59.5	37.6	1.3	-18.3
Payments for Fixed Assets and Other Long-term Assets	-0.8	-4.1	-2.3	-0.5	-0.2	-1.1	-6.9	-0.1	-3.4	-4.2	-5.1	-4.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.1	0.0	0.0	0.0	0.5	1.9	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	208.9	-92.8	-80.8	-86.4	-76.3	-88.2	-155.8	-15.0	-32.0	-13.0	-30.0	-12.0
Receipts from Loan Repayments and Sale of Debt Instruments	-204.8	87.8	100.8	91.4	81.3	128.2	115.8	10.0	32.0	10.0	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	—	4.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	8.3	0.3	1.7	1.1	63.2	0.1	2.0	0.2	13.9	7.2	1.5	0.8
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	7.6	-4.7	19.4	5.6	68.0	39.6	-43.0	-4.8	10.5	0.0	8.4	2.2
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	14.9	0.0
Repayment of Borrowings	—	—	—	-0.1	0.0	0.0	0.0	0.0	-10.9	-4.0	0.0	-8.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	0.0	-12.6	—	0.0	0.0	-12.6	0.0	0.0	0.0	-25.3	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	0.0	0.0	-12.6	—	0.0	0.0	-12.6	0.0	-10.9	-4.0	-10.4	-8.0
Net Cash Flow During the Period	92.0	76.6	-47.0	-41.5	126.2	12.0	-121.7	26.9	59.0	33.6	-0.7	-24.1
Cash and Cash Equivalents at Beginning of Period	161.8	85.9	132.3	173.7	130.1	130.1	130.1	130.1	62.0	62.0	62.0	62.0
FX Difference from Revaluation	-0.0	—	0.7	—	0.2	0.6	-0.6	0.0	0.2	0.5	-0.5	0.0
Cash and Cash Equivalents at End of Period	227.1	161.8	85.9	132.3	173.7	47.2	34.6	157.0	130.1	70.8	36.7	37.9

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Balance Sheet

Cash Flow

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