MST

Listed Company · HNX

Price

9,000

Latest close

03 Apr 2026

P/E 1.4x

EPS (TTM) 6,511

ROE (TTM) 2.4%

P/B 0.9x

BVPS (Latest) 10,297

ROA (TTM) 1.0%

What Is Changing

MST no longer looks like a business simply rebounding from a weak base. Revenue posted +18.4% YoY, while net margin reached 1.51% with an additional +0.2pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income recovered 33.0% to VND 22.8bn in 2025.
Revenue growth accelerated to 18.5% in 2025, up 12.9pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	1,509.0	1,273.9	1,207.2	374.8	465.3
Growth	+18%	+6%	+222%	-19%	—
Net Income	22.8	17.1	68.3	72.4	87.2
Net Margin	1.51%	1.35%	5.66%	19.31%	18.74%

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	404.9	383.5	367.3	364.2	414.4	274.0	303.4	282.1	310.4	366.5	331.6	209.5
Growth	+6%	+4%	+1%	-12%	+51%	-10%	+8%	-9%	-15%	+11%	+58%	—
Net Income	7.2	5.3	4.2	7.3	5.4	5.2	3.3	3.3	18.4	11.4	45.8	0.5
Net Margin	1.79%	1.37%	1.15%	2.00%	1.30%	1.89%	1.07%	1.17%	5.93%	3.11%	13.80%	0.22%

Financial Statements

Profitability

Net margin reached 1.51% while Revenue posted +18.4% YoY.

Balance Sheet

Inventory stood at 102.8bn, liabilities at 2,030.3bn, and equity at 1,171.1bn.

Cash Flow

Operating cash flow was 357.6bn in 2025, while investing cash flow was -777.3bn.

Financing cash flow: 563.5bn.

Item	2025	2024	2023	2022	2021
Revenue	1,509.0	1,273.9	1,207.2	374.8	465.3
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,509.0	1,273.9	1,207.2	374.8	465.3
Cost of Goods Sold	1,490.9	1,246.6	1,201.2	342.2	0.0
Gross Profit	18.1	27.3	6.0	32.7	66.0
Financial Income	184.6	29.1	24.3	78.3	89.5
Financial Expenses	168.0	28.5	36.8	29.3	-84.4
Interest Expense	161.2	18.7	17.5	27.8	-84.2
Share of Associates and Joint Ventures	—	0.0	0.0	13.2	47.1
Selling Expenses	0.0	0.0	0.0	0.0	-0.0
General and Administrative Expenses	6.1	4.9	31.9	13.6	-23.0
Operating Profit	28.6	23.0	-38.4	81.2	95.2
Other Income	0.0	3.1	142.6	0.0	0.0
Other Expenses	0.0	3.7	14.1	0.3	0.0
Other Profit	-0.0	-0.6	128.5	-0.3	1.7
Profit Before Tax	28.6	22.4	90.1	80.9	96.9
Current Income Tax Expense	5.8	5.3	21.8	8.5	-9.7
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	22.8	17.1	68.3	72.4	87.2
Non-controlling Interest	—	0.0	0.0	0.1	0.7
Profit Attributable to Parent	22.8	17.1	68.3	72.3	86.5
Earnings per Share	281.00	226.00	955.00	1,061.00	1,306.00
Diluted EPS	200.59	225.51	898.57	1,061.03	1,269.35

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,934.9	894.3	203.3	291.2	771.9
I. Cash and cash equivalents	147.0	3.2	1.6	3.6	14.0
1. Cash	3.5	3.2	1.6	3.6	0.0
2. Cash equivalents	143.5	0.0	0.0	0.0	0.0
II. Short-term financial investments	493.2	31.0	0.0	0.0	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	493.2	31.0	0.0	0.0	0.0
III. Short-term receivables	1,186.7	857.9	195.4	267.1	687.9
1. Short-term trade accounts receivable	6.0	10.5	33.7	19.0	0.0
2. Short-term prepayments to suppliers	347.2	410.0	26.7	107.2	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	10.0	14.0	12.0	13.5	0.0
6. Other short-term receivables	848.9	448.9	151.1	127.3	0.0
7. Provision for short-term doubtful debts (*)	-25.4	-25.6	-28.3	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	102.8	1.4	6.2	20.5	54.1
1. Inventories	102.8	1.4	6.2	20.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	5.2	0.7	0.1	0.0	2.0
1. Short-term prepayments	0.2	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	4.8	0.0	0.1	0.0	0.0
3. Taxes and other receivables from state authorities	0.3	0.7	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)	1,266.5	856.2	1,015.6	1,010.4	1,011.6
I. Long-term receivables	410.0	0.0	120.0	325.8	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	549.8
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	410.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	120.0	325.8	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	0.4	0.5	0.7	4.2	13.0
1. Tangible fixed assets	0.4	0.5	0.7	4.2	13.0
- Cost	4.7	4.7	4.7	8.4	0.0
- Accumulated depreciation	-4.3	-4.2	-4.0	-4.2	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	—	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	—	0.0	0.0	0.0	3.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	849.8	855.7	894.9	680.2	385.2
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	505.6	505.6	550.6	521.1	0.0
3. Investments in other entities	350.4	350.4	357.6	159.2	0.0
4. Provision for diminution in value of long-term investments	-6.2	-0.3	-13.4	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	6.3	0.0	0.0	0.1	0.0
1. Long-term prepayments	6.3	0.0	0.0	0.1	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	60.6
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)	3,201.4	1,750.6	1,219.0	1,301.5	1,783.6
A. LIABILITIES (300=210+330)	2,030.3	901.9	387.1	467.5	936.4
I. Short -term liabilities	689.6	781.6	266.8	466.3	932.4
1. Short-term trade accounts payable	110.4	154.9	151.0	84.2	245.5
2. Short-term advances from customers	16.6	20.9	54.6	137.7	228.1
3. Taxes and other payables to state authorities	23.4	28.7	25.9	13.1	0.0
4. Payable to employees	0.2	0.1	0.1	0.1	0.0
5. Short-term acrrued expenses	25.2	30.1	21.6	4.9	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	24.9	365.6	9.3	35.2	0.0
10. Short-term borrowings and financial leases	488.9	181.3	4.2	191.3	311.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	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	1,340.7	120.3	120.3	1.1	4.0
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	1,340.5	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	0.2	120.3	120.3	1.1	3.3
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)	1,171.1	848.7	831.8	834.1	847.1
I. Owner's equity	1,171.1	848.7	831.8	834.1	0.0
1. Owner's capital	1,136.0	760.0	760.0	681.4	847.1
- Common stock with voting right	1,136.0	760.0	760.0	681.4	681.4
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	—	0.0	0.0	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	—	0.0	0.0	0.0	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	35.1	88.6	71.8	152.5	89.9
- Accumulated retained earning at the end of the previous period	12.3	71.5	3.5	80.2	3.3
- Undistributed earnings in this period	22.8	17.1	68.3	72.3	86.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.1	75.8
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)	3,201.4	1,750.6	1,219.0	1,301.5	1,783.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	28.6	22.4	90.1	80.9	57.4
Depreciation of Fixed Assets and Investment Property	0.2	0.2	0.5	5.3	1.7
Provision (Increase)/Reversal	5.7	-15.7	41.6	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	-184.6	-29.0	-22.8	-93.5	0.0
Interest Expense	161.2	28.5	17.5	29.3	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	11.0	6.4	127.0	22.0	54.0
Increase/(Decrease) in Receivables	-243.3	-478.3	-82.7	287.1	0.0
Increase/(Decrease) in Inventory	-101.3	4.8	14.3	-14.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	868.5	327.2	13.5	-75.9	0.0
Increase/(Decrease) in Prepaid Expenses	-6.4	-0.0	0.1	0.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-160.8	-19.5	-10.3	-30.5	0.0
Corporate Income Tax Paid	-10.1	-4.1	-7.5	-4.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	357.6	-163.5	54.4	184.2	353.7
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	-3.7	-8.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	2.1	0.0	0.0
Loans and Purchases of Debt Instruments	-1,215.2	-49.1	-893.9	-51.5	-42.8
Receipts from Loan Repayments and Sale of Debt Instruments	347.0	16.1	1,194.7	73.3	0.0
Investments in Other Entities	—	-21.0	-298.3	-159.3	-272.0
Proceeds from Investments in Other Entities	—	42.0	0.0	19.0	0.0
Dividends and Interest Income Received	90.9	0.0	9.3	20.6	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	-777.3	-12.0	13.9	-101.6	-244.1
Proceeds from Equity Issuance and Capital Contributions	376.0	0.0	0.0	-0.1	326.2
Share Repurchases	—	0.0	0.0	0.0	-26.2
Proceeds from Borrowings	1,514.4	194.9	155.1	181.0	-355.5
Repayment of Borrowings	-1,326.9	-17.8	-223.0	-287.9	-34.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	-12.4
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	563.5	177.1	-67.9	-107.0	-102.3
Net Cash Flow During the Period	143.8	1.6	0.4	-24.4	-11.1
Cash and Cash Equivalents at Beginning of Period	3.2	1.6	1.2	28.0	6.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	147.0	3.2	1.6	3.6	14.0

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	404.9	383.5	367.3	364.2	414.4	274.0	303.4	282.1	310.4	366.5	331.6	209.5
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	404.9	383.5	367.3	364.2	414.4	274.0	303.4	282.1	310.4	366.5	331.6	209.5
Cost of Goods Sold	400.6	379.5	364.7	355.3	399.7	267.2	300.6	279.1	308.5	364.3	330.5	208.3
Gross Profit	4.4	4.0	2.6	8.9	14.7	6.8	2.8	3.0	1.9	2.2	1.0	1.2
Financial Income	103.3	8.2	63.1	5.9	6.0	5.6	12.9	4.6	9.6	5.3	4.4	5.1
Financial Expenses	96.7	6.1	61.1	5.5	8.1	4.4	11.2	4.7	11.2	5.4	5.2	5.2
Interest Expense	—	—	—	—	0.0	0.0	0.0	4.6	11.2	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	1.3	1.1	0.1
Selling Expenses	0.0	0.0	-0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	2.3	1.5	1.4	1.1	1.6	1.3	1.3	0.7	0.9	1.0	1.0	0.5
Operating Profit	8.6	4.5	3.2	8.1	10.9	6.8	3.2	2.2	-0.7	2.4	0.3	0.6
Other Income	0.0	2.2	1.0	1.0	0.0	0.1	0.0	3.0	28.0	13.7	142.6	0.0
Other Expenses	0.0	0.0	—	—	2.3	0.2	0.0	1.1	4.5	3.0	87.7	0.1
Other Profit	-0.0	2.1	1.0	1.0	-2.3	-0.1	-0.0	1.9	23.5	10.7	54.9	-0.1
Profit Before Tax	8.6	6.6	4.2	9.1	8.6	6.6	3.2	4.0	22.8	13.0	55.2	0.5
Current Income Tax Expense	1.4	1.3	—	1.9	3.2	1.5	-0.1	0.7	4.4	1.6	9.5	0.1
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	7.2	5.3	4.2	7.3	5.4	5.2	3.3	3.3	18.4	11.4	45.8	0.5
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.0	-0.0	-0.0
Profit Attributable to Parent	7.2	5.3	4.2	7.3	5.4	5.2	3.3	3.3	18.4	11.4	45.8	0.5
Earnings per Share	6,308.00	63.00	44.00	96.00	71.00	68.00	43.00	43.00	242.00	150.00	671.00	7.00
Diluted EPS	63.80	62.99	55.51	95.64	71.02	68.19	42.83	43.47	241.95	149.94	671.47	7.12

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)	2,504.3	2,314.2	1,955.0	1,613.6	946.3	315.1	249.3	611.7	374.1	537.8	238.5	284.6
I. Cash and cash equivalents	147.0	8.4	5.2	4.6	3.2	1.4	1.8	1.9	1.7	12.2	1.8	1.0
1. Cash	3.5	8.4	5.2	4.6	3.2	1.4	1.8	1.9	1.7	12.2	1.8	1.0
2. Cash equivalents	143.5	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	665.2	753.7	387.9	95.0	203.0	5.0	0.0	0.0	206.3	198.3	0.0	9.0
1. Available for sale securities	—	—	—	—	0.0	0.0	0.0	0.0	198.3	198.3	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	665.2	753.7	387.9	95.0	203.0	5.0	0.0	0.0	8.0	0.0	0.0	9.0
III. Short-term receivables	1,587.4	1,490.8	1,533.0	1,499.7	737.9	298.9	242.8	603.2	159.8	308.2	227.3	212.5
1. Short-term trade accounts receivable	76.7	7.0	7.7	43.5	10.5	27.6	50.1	59.4	31.6	44.1	26.3	18.9
2. Short-term prepayments to suppliers	821.3	809.8	805.4	641.2	410.0	116.9	67.0	64.9	25.4	11.1	15.4	63.0
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	420.0	420.0	420.0	423.0	14.0	10.0	10.1	4.1	4.0	16.3	0.0	13.5
6. Other short-term receivables	294.8	279.4	325.3	417.4	328.9	169.6	140.9	500.1	129.6	243.6	261.3	117.1
7. Provision for short-term doubtful debts (*)	-25.4	-25.4	-25.4	-25.4	-25.6	-25.3	-25.3	-25.3	-30.9	-6.9	-75.6	0.0
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	99.4	59.5	27.6	13.1	1.4	7.1	2.4	6.6	6.2	18.1	8.7	57.7
1. Inventories	99.4	59.5	27.6	13.1	1.4	7.1	2.4	6.6	6.2	18.1	8.7	57.7
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	5.2	1.8	1.4	1.3	0.7	2.6	2.4	0.0	0.1	1.1	0.7	4.3
1. Short-term prepayments	0.2	0.1	0.2	0.1	0.0	0.0	0.0	0.0	0.0	0.1	0.3	0.1
2. Value added tax to be reclaimed	4.8	1.3	0.9	0.9	0.0	0.0	0.1	0.0	0.1	1.0	0.4	4.2
3. Taxes and other receivables from state authorities	0.3	0.3	0.3	0.3	0.7	2.6	2.3	0.0	0.0	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)	682.8	684.1	856.2	856.2	804.3	993.1	1,033.5	1,015.6	847.6	804.0	1,097.5	1,030.2
I. Long-term receivables	—	—	—	—	120.0	120.0	120.0	120.0	139.5	120.0	213.9	345.8
1. Long-term trade receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	120.0	120.0	120.0	120.0	141.5	169.5	213.9	345.8
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	-2.0	-49.5	0.0	0.0
II. Fixed assets	0.4	0.4	0.5	0.5	0.5	0.6	0.6	0.7	0.7	0.8	3.9	4.0
1. Tangible fixed assets	0.4	0.4	0.5	0.5	0.5	0.6	0.6	0.7	0.7	0.8	3.9	4.0
- Cost	—	—	—	—	4.7	4.7	4.7	4.7	4.7	4.7	8.4	8.4
- Accumulated depreciation	—	—	—	—	-4.2	-4.1	-4.1	-4.1	-4.0	-4.0	-4.5	-4.4
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	—	—	—	—	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	—	—	—	—	0.0	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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	676.1	683.7	855.7	855.7	683.7	872.5	912.9	894.9	707.4	683.3	879.7	680.4
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	333.6	333.6	505.6	505.6	333.6	505.6	550.6	550.6	550.6	524.1	522.2	521.2
3. Investments in other entities	350.4	350.4	350.4	350.4	350.4	378.4	375.6	357.6	159.3	159.2	357.4	159.2
4. Provision for diminution in value of long-term investments	-7.9	-0.3	-0.3	-0.3	-0.3	-11.6	-13.4	-13.4	-2.6	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	6.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	6.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	3,187.1	2,998.3	2,811.1	2,469.8	1,750.6	1,308.2	1,282.9	1,627.2	1,221.7	1,341.8	1,336.0	1,314.8
A. LIABILITIES (300=210+330)	2,017.3	2,133.8	1,951.8	1,613.9	901.9	464.6	444.5	792.1	382.5	444.9	456.5	480.3
I. Short -term liabilities	661.7	936.0	1,951.6	1,493.6	781.6	344.3	324.1	671.7	262.5	324.6	335.7	479.2
1. Short-term trade accounts payable	101.2	121.3	146.2	186.4	154.9	182.4	192.2	222.6	151.0	148.3	145.7	113.0
2. Short-term advances from customers	16.6	28.2	48.8	22.1	20.9	17.0	29.5	23.0	51.2	93.6	77.6	140.4
3. Taxes and other payables to state authorities	23.1	28.3	29.1	29.8	28.7	23.6	25.6	26.4	23.7	23.0	19.4	12.4
4. Payable to employees	0.2	0.3	0.1	0.3	0.1	0.1	0.1	0.0	0.1	0.1	0.0	0.0
5. Short-term acrrued expenses	25.2	24.4	25.5	24.1	30.1	25.8	20.4	15.9	22.6	20.4	17.9	8.5
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	6.5	0.9	1,188.2	976.0	365.6	4.7	4.8	379.7	9.3	27.4	31.2	32.2
10. Short-term borrowings and financial leases	488.9	732.7	513.8	255.0	181.3	90.6	51.7	4.2	4.6	11.8	43.8	172.8
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	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	1,355.7	1,197.7	0.2	120.2	120.3	120.3	120.3	120.3	119.9	120.3	120.8	1.0
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	1,355.5	1,197.5	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	0.2	0.2	0.2	120.2	120.3	120.3	120.3	120.3	119.9	120.3	120.8	1.0
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)	1,169.8	864.6	859.3	855.9	848.7	843.6	838.4	835.1	839.3	896.9	879.5	834.5
I. Owner's equity	1,169.8	864.6	859.3	855.9	848.7	843.6	838.4	835.1	839.3	896.9	879.5	834.5
1. Owner's capital	1,136.0	836.0	760.0	760.0	760.0	760.0	760.0	760.0	760.0	760.0	681.4	681.4
- Common stock with voting right	1,136.0	836.0	760.0	760.0	760.0	760.0	760.0	760.0	760.0	760.0	681.4	681.4
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	33.7	28.5	99.3	95.9	88.6	83.5	78.4	75.1	79.2	136.8	198.0	153.0
- Accumulated retained earning at the end of the previous period	12.3	12.6	95.9	88.6	71.5	78.4	75.1	71.8	3.5	125.4	151.9	152.5
- Undistributed earnings in this period	21.4	15.9	3.4	7.3	17.1	5.2	3.3	3.3	75.7	11.4	46.1	0.5
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	0.1	0.1	0.1
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)	3,187.1	2,998.3	2,811.1	2,469.8	1,750.6	1,308.2	1,282.9	1,627.2	1,221.7	1,341.8	1,336.0	1,314.8

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	8.6	6.6	4.2	9.1	8.6	6.6	3.2	4.0	29.8	-4.8	64.7	0.5
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.2	0.2
Provision (Increase)/Reversal	5.9	0.0	0.0	-0.1	-10.9	-1.8	0.0	-3.0	-17.3	-6.4	65.4	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	-107.4	-8.2	-63.1	-5.9	-5.9	-5.6	-12.9	-4.6	-20.3	8.7	-6.1	-5.1
Interest Expense	88.4	6.1	61.2	5.5	8.1	4.6	11.1	4.6	-0.7	8.0	5.1	5.1
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	-4.5	4.6	2.4	8.6	-0.1	3.8	1.4	1.2	-8.5	5.6	129.3	0.7
Increase/(Decrease) in Receivables	-85.3	44.3	25.7	-227.9	-399.5	-40.8	441.2	-479.1	-194.2	170.0	-78.4	20.0
Increase/(Decrease) in Inventory	-43.3	-31.8	-14.5	-11.6	5.7	-4.7	4.2	-0.3	11.9	-10.5	50.0	-37.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	68.4	-36.6	194.9	641.7	340.6	-59.8	-365.1	411.5	-4.8	8.7	-18.5	28.1
Increase/(Decrease) in Prepaid Expenses	-6.3	0.0	-0.1	-0.0	-0.0	-0.0	-0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	0.0	14.4	-14.4	0.0	0.0	0.0	0.0	0.0
Interest Paid	-87.9	-6.1	-56.7	-10.0	-5.5	-13.4	11.4	-12.0	-1.5	-0.4	-8.4	0.0
Corporate Income Tax Paid	-6.6	-1.7	-1.0	-0.7	0.0	-4.1	0.0	0.0	-2.2	-2.0	-1.5	-1.8
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-165.5	-27.4	150.6	400.0	-58.8	-104.5	78.7	-78.8	-199.3	171.4	72.5	9.8
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	-0.9	3.0	0.0	0.0
Loans and Purchases of Debt Instruments	-144.8	-300.5	-292.9	-476.9	-30.0	-9.0	-6.0	-4.1	-868.6	43.7	-60.0	-9.0
Receipts from Loan Repayments and Sale of Debt Instruments	233.4	106.6	3.0	4.0	0.0	4.1	0.0	12.0	1,172.2	-172.4	194.9	0.0
Investments in Other Entities	—	—	—	—	0.0	-3.0	-18.0	0.0	-100.0	0.0	-198.3	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	42.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	83.4	5.6	1.1	0.7	0.0	-6.7	-64.4	71.1	-4.0	-4.4	2.3	15.4
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	172.0	-188.2	-288.8	-472.2	-30.0	27.3	-88.4	79.1	198.7	-130.0	-61.1	6.4
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	478.9	633.9	304.0	97.6	90.7	94.6	5.5	4.1	131.7	11.4	2.0	10.0
Repayment of Borrowings	-722.8	-415.0	-165.2	-23.9	-0.0	-17.8	4.1	-4.1	-139.3	-42.4	-12.6	-28.7
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	0.0	0.0	0.0	0.0	0.0	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	132.1	218.9	138.7	73.7	90.7	76.9	9.6	0.0	-7.6	-31.0	-10.6	-18.7
Net Cash Flow During the Period	138.6	3.3	0.5	1.4	1.8	-0.4	-0.1	0.3	-8.2	10.4	0.8	-2.6
Cash and Cash Equivalents at Beginning of Period	8.4	5.2	4.6	3.2	1.6	1.6	1.6	1.6	1.2	3.6	3.6	3.6
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	147.0	8.4	5.2	4.6	3.2	1.4	1.8	1.9	1.6	12.2	1.8	1.0

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Balance Sheet

Cash Flow

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