MVB

Listed Company · HNX

Price

16,500

Latest close

03 Apr 2026

P/E 10.5x

EPS (TTM) 1,578

ROE (TTM) 10.8%

P/B 0.8x

BVPS (Latest) 20,500

ROA (TTM) 7.1%

What Is Changing

MVB no longer looks like a business simply rebounding from a weak base. Revenue posted +4.5% YoY, while net margin reached 5.03% with an additional -0.0pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Quarterly Net Income decreased 17.3% YoY to VND 79.2bn in 2025Q4.

Metric	2025	2024	2023	2022	2021
Revenue	5,504.3	5,268.0	4,883.3	5,475.6	4,926.9
Growth	+4%	+8%	-11%	+11%	—
Net Income	276.8	267.0	293.5	230.8	334.3
Net Margin	5.03%	5.07%	6.01%	4.21%	6.79%

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	1,369.4	1,206.4	1,543.5	1,385.2	1,665.6	1,132.9	1,298.2	1,171.4	1,294.2	1,053.2	1,295.9	1,240.0
Growth	+14%	-22%	+11%	-17%	+47%	-13%	+11%	-9%	+23%	-19%	+5%	—
Net Income	79.2	16.7	109.5	72.5	95.7	37.8	81.2	47.3	87.3	32.2	109.3	76.1
Net Margin	5.78%	1.38%	7.09%	5.23%	5.75%	3.33%	6.25%	4.04%	6.75%	3.05%	8.44%	6.14%

Financial Statements

Profitability

Net margin reached 5.03% while Revenue posted +4.5% YoY.

Balance Sheet

Inventory stood at 444.7bn, liabilities at 1,104.8bn, and equity at 2,152.1bn.

Cash Flow

Operating cash flow was 410.3bn in 2025, while investing cash flow was -516.3bn.

Financing cash flow: -24.9bn.

Item	2025	2024	2023	2022	2021
Revenue	5,509.7	5,273.0	4,887.9	5,478.1	4,926.9
Revenue Deductions	5.4	5.1	4.6	2.5	0.0
Net Revenue	5,504.3	5,268.0	4,883.3	5,475.6	4,926.9
Cost of Goods Sold	4,659.5	4,510.8	4,046.0	4,668.5	0.0
Gross Profit	844.8	757.2	837.3	807.1	885.4
Financial Income	21.7	13.9	25.4	13.7	15.9
Financial Expenses	36.5	28.5	53.9	82.3	-99.6
Interest Expense	21.3	17.9	45.5	74.3	-93.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	108.7	101.0	106.1	105.1	-91.9
General and Administrative Expenses	377.0	349.9	340.2	347.7	-300.1
Operating Profit	344.4	291.8	362.6	285.6	409.8
Other Income	9.7	51.1	4.4	1.6	0.0
Other Expenses	3.5	6.0	2.9	7.3	0.0
Other Profit	6.2	45.1	1.5	-5.7	3.7
Profit Before Tax	350.6	336.9	364.1	280.0	413.4
Current Income Tax Expense	69.4	82.7	68.7	50.5	-79.1
Deferred Income Tax Expense	4.3	-12.9	1.9	-1.3	0.0
Net Income	276.8	267.0	293.5	230.8	334.3
Non-controlling Interest	49.5	41.9	49.9	56.7	50.8
Profit Attributable to Parent	227.3	225.1	243.6	174.0	283.5
Earnings per Share	1,879.00	1,836.00	2,320.00	1,265.00	3,220.00
Diluted EPS	1,879.00	1,836.00	2,320.00	1,657.53	2,699.98

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,345.9	1,290.6	1,272.5	1,189.6	1,021.6
I. Cash and cash equivalents	197.1	327.9	225.1	293.4	159.0
1. Cash	83.1	102.9	97.6	78.4	0.0
2. Cash equivalents	114.0	225.0	127.5	215.0	0.0
II. Short-term financial investments	311.0	100.5	283.5	103.0	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	311.0	100.5	283.5	103.0	0.0
III. Short-term receivables	359.5	481.6	288.1	550.5	367.9
1. Short-term trade accounts receivable	260.2	462.4	230.8	507.7	0.0
2. Short-term prepayments to suppliers	73.8	6.0	9.6	3.3	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	31.0	22.5	60.6	53.9	0.0
7. Provision for short-term doubtful debts (*)	-5.5	-9.4	-12.9	-14.3	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	444.7	363.7	450.6	229.2	233.1
1. Inventories	444.9	364.0	450.9	229.6	0.0
2. Provision for decline in value of inventories	-0.3	-0.3	-0.3	-0.3	0.0
V. Other short-term assets	33.6	16.8	25.2	13.5	24.5
1. Short-term prepayments	7.7	3.8	2.9	2.2	0.0
2. Value added tax to be reclaimed	12.9	9.3	9.4	0.0	0.0
3. Taxes and other receivables from state authorities	13.0	3.7	13.0	11.3	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)	1,910.9	1,873.8	1,837.8	2,185.0	2,656.3
I. Long-term receivables	158.3	146.4	129.0	123.3	0.0
1. Long-term trade receivables	—	9.5	0.0	0.0	113.0
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	158.3	136.9	129.0	123.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,210.8	1,169.8	1,251.1	1,566.6	1,930.6
1. Tangible fixed assets	1,206.6	1,165.2	1,245.8	1,541.3	1,903.2
- Cost	6,331.5	6,223.3	6,172.8	6,132.3	0.0
- Accumulated depreciation	-5,125.0	-5,058.2	-4,926.9	-4,591.0	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	4.3	4.6	5.2	25.3	27.4
- Cost	10.9	10.9	10.9	46.5	0.0
- Accumulated depreciation	-6.6	-6.2	-5.6	-21.2	0.0
III. Investment properties	77.2	81.0	37.5	18.9	42.5
- Cost	107.7	107.7	61.7	0.0	0.0
- Accumulated depreciation	-30.5	-26.7	-24.2	18.9	0.0
IV. Long-term assets in progress	33.9	17.2	10.3	40.0	14.2
1. Long-term production in progress	—	0.0	0.0	61.7	0.0
2. Construction in progress	33.9	17.2	10.3	-21.7	0.0
V. Long-term financial investments	17.7	17.5	18.3	18.3	18.3
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1.7	1.7	1.7	1.7	0.0
3. Investments in other entities	16.6	16.6	16.6	16.6	0.0
4. Provision for diminution in value of long-term investments	-0.7	-0.9	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	413.0	441.9	391.6	417.9	0.0
1. Long-term prepayments	392.9	417.4	380.0	404.4	0.0
2. Deferred income tax assets	20.1	24.5	11.6	13.5	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	537.7
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)	3,256.8	3,164.3	3,110.4	3,374.6	3,677.9
A. LIABILITIES (300=210+330)	1,104.8	1,091.6	1,061.4	1,412.9	1,688.6
I. Short -term liabilities	843.9	944.5	985.6	1,012.2	1,107.2
1. Short-term trade accounts payable	301.0	355.5	379.9	343.0	304.8
2. Short-term advances from customers	22.0	17.0	14.1	10.0	23.3
3. Taxes and other payables to state authorities	55.1	100.0	39.1	78.8	0.0
4. Payable to employees	236.5	224.9	235.4	220.1	0.0
5. Short-term acrrued expenses	13.2	12.2	11.2	18.6	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	0.5	0.4	0.4	0.4	0.1
9. Other short-term payables	11.6	13.9	12.9	14.8	0.0
10. Short-term borrowings and financial leases	110.5	121.6	205.3	255.7	414.6
11. Provision for short-term liabilities	—	0.0	7.4	5.6	0.0
12.. Bonus and welfare fund	93.4	98.8	80.0	65.3	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	260.9	147.1	75.7	400.6	581.4
1. Long-term trade payables	—	8.8	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	1.2	1.4	1.6	1.8	0.1
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	253.5	131.1	68.7	392.6	572.7
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	6.2	5.9	5.5	6.3	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	2,152.1	2,072.7	2,049.0	1,961.7	1,989.4
I. Owner's equity	2,152.1	2,072.7	2,049.0	1,961.7	0.0
1. Owner's capital	1,050.0	1,050.0	1,050.0	1,050.0	1,989.4
- Common stock with voting right	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	0.2	0.2	0.2	0.2	0.2
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	20.3	20.3	20.3	20.3	20.3
5. Treasury shares	—	0.0	0.0	0.0	0.0
6. Assets revaluation differences	-14.0	-14.0	-14.0	-14.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	438.9	373.1	310.2	305.1	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	297.4	289.4	329.0	249.9	410.4
- Accumulated retained earning at the end of the previous period	27.3	64.3	85.4	75.9	126.9
- Undistributed earnings in this period	270.1	225.1	243.6	174.0	283.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	359.3	353.6	353.3	350.1	336.5
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)	3,256.8	3,164.3	3,110.4	3,374.6	3,677.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	350.6	336.9	364.1	280.0	413.4
Depreciation of Fixed Assets and Investment Property	268.2	227.4	338.3	408.1	338.8
Provision (Increase)/Reversal	-3.8	-7.4	-0.5	-3.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	0.5	0.1	-0.1	0.0
Gain/Loss from Investment Activities	-19.6	-16.8	-23.2	-12.4	0.0
Interest Expense	21.3	17.9	45.5	74.3	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	—	-45.1	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	616.4	513.4	724.3	746.6	830.8
Increase/(Decrease) in Receivables	97.7	-201.8	250.1	-184.4	0.0
Increase/(Decrease) in Inventory	-81.0	86.9	-221.3	4.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-80.7	-3.6	26.2	49.5	0.0
Increase/(Decrease) in Prepaid Expenses	20.6	-38.2	23.6	126.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-18.9	-15.8	-49.7	-73.2	0.0
Corporate Income Tax Paid	-81.4	-55.9	-56.0	-69.1	0.0
Other Operating Receipts	3.8	4.6	0.0	7.4	0.0
Other Operating Payments	-66.3	-49.0	-51.7	-43.7	0.0
Net Cash Flow from Operating Activities	410.3	240.6	645.5	563.7	784.6
Payments for Fixed Assets and Other Long-term Assets	-323.1	-152.4	-39.8	-39.3	-196.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	5.4	0.0	0.3	-0.3
Loans and Purchases of Debt Instruments	-280.0	-59.5	-212.5	-239.0	-236.0
Receipts from Loan Repayments and Sale of Debt Instruments	69.5	242.5	32.0	293.0	0.0
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	17.2	12.9	20.1	14.1	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	-516.3	48.8	-200.1	29.1	-418.2
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	772.2	976.7	930.6	984.1	1,541.6
Repayment of Borrowings	-660.8	-1,000.5	-1,304.9	-1,323.1	-1,746.7
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-136.2	-162.8	-139.3	-199.4	-139.6
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	-24.9	-186.6	-513.7	-538.5	-344.8
Net Cash Flow During the Period	-130.8	102.8	-68.3	54.3	-52.6
Cash and Cash Equivalents at Beginning of Period	327.9	225.1	293.4	239.0	137.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	197.1	327.9	225.1	293.4	159.0

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	1,374.8	1,206.4	1,543.5	1,385.2	1,670.6	1,132.9	1,298.2	1,171.4	1,298.8	1,053.2	1,295.9	1,240.0
Revenue Deductions	5.4	—	—	—	5.1	0.0	0.0	0.0	4.6	0.0	0.0	0.0
Net Revenue	1,369.4	1,206.4	1,543.5	1,385.2	1,665.6	1,132.9	1,298.2	1,171.4	1,294.2	1,053.2	1,295.9	1,240.0
Cost of Goods Sold	1,156.5	1,071.0	1,261.7	1,168.4	1,444.3	955.7	1,089.3	1,023.5	1,068.4	909.2	1,042.1	1,025.3
Gross Profit	212.9	135.5	281.8	216.9	221.2	177.2	208.8	147.9	225.9	144.0	253.7	214.6
Financial Income	7.2	5.2	6.5	2.4	4.8	2.7	3.5	2.8	11.9	1.4	8.2	4.0
Financial Expenses	10.7	8.5	8.8	7.9	8.1	5.9	7.3	6.4	10.2	10.1	16.2	17.4
Interest Expense	6.9	5.2	4.5	4.7	4.3	4.1	4.8	4.7	7.8	8.0	14.1	15.5
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	28.2	23.7	31.5	25.0	32.9	21.1	27.2	19.5	28.6	27.1	24.8	25.6
General and Administrative Expenses	87.4	86.2	110.5	93.6	102.3	103.5	75.3	69.0	92.0	67.4	80.9	82.4
Operating Profit	93.8	22.4	137.5	92.7	82.8	49.3	102.5	55.8	106.9	40.8	140.1	93.3
Other Income	4.8	0.1	3.7	0.2	45.4	0.2	0.1	5.4	0.5	1.5	1.7	0.7
Other Expenses	0.8	0.2	1.4	1.0	5.3	0.3	0.1	0.3	1.4	0.2	1.1	0.2
Other Profit	4.0	-0.1	2.3	-0.8	40.1	-0.1	-0.0	5.1	-0.9	1.2	0.6	0.5
Profit Before Tax	97.7	22.3	139.9	91.9	122.8	49.3	102.5	60.9	106.0	42.0	140.7	93.8
Current Income Tax Expense	15.0	5.6	28.7	19.4	36.6	11.5	21.5	13.6	16.6	9.8	31.3	17.2
Deferred Income Tax Expense	3.6	—	1.7	—	-9.5	0.0	-0.2	0.0	2.0	0.1	0.1	0.4
Net Income	79.2	16.7	109.5	72.5	95.7	37.8	81.2	47.3	87.3	32.2	109.3	76.1
Non-controlling Interest	17.0	7.1	17.7	7.9	23.0	4.3	13.8	0.8	19.5	5.8	15.1	9.6
Profit Attributable to Parent	62.1	9.6	91.8	64.6	72.7	33.5	67.4	46.5	67.9	26.3	94.3	66.6
Earnings per Share	305.00	91.00	874.00	308.00	483.00	319.00	642.00	443.00	646.00	251.00	898.00	634.00
Diluted EPS	591.70	91.16	874.33	615.12	692.58	318.81	641.74	442.82	646.23	250.59	897.67	633.83

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,336.9	1,661.7	1,808.9	1,745.7	1,302.8	1,396.3	1,497.4	1,480.2	1,272.1	1,375.8	1,410.6	1,436.8
I. Cash and cash equivalents	197.1	361.8	360.8	360.1	327.9	286.0	240.4	256.2	285.1	298.6	276.3	355.1
1. Cash	83.1	101.8	78.8	141.1	102.9	89.0	62.4	87.2	97.6	107.6	71.3	70.1
2. Cash equivalents	114.0	260.0	282.0	219.0	225.0	197.0	178.0	169.0	187.5	191.0	205.0	285.0
II. Short-term financial investments	311.0	253.5	211.5	120.5	100.5	81.0	171.0	163.5	223.5	243.0	191.0	153.0
1. Available for sale securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	311.0	253.5	211.5	120.5	100.5	81.0	171.0	163.5	223.5	243.0	191.0	153.0
III. Short-term receivables	352.5	381.2	556.4	650.7	491.0	493.8	466.8	510.2	288.1	400.9	481.9	552.3
1. Short-term trade accounts receivable	250.7	355.1	491.9	624.2	471.9	431.8	416.2	455.2	230.8	335.1	430.3	478.8
2. Short-term prepayments to suppliers	76.4	11.6	52.0	10.8	6.2	21.8	9.3	7.5	9.6	15.6	8.1	28.5
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	30.8	22.9	21.0	24.7	22.3	52.4	53.7	60.0	60.6	63.5	57.2	59.2
7. Provision for short-term doubtful debts (*)	-5.5	-8.3	-8.6	-8.9	-9.4	-12.1	-12.4	-12.4	-12.9	-13.4	-13.7	-14.2
8. Assets awaiting resolution	0.0	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	442.2	625.9	656.4	592.0	366.8	523.1	593.1	514.3	450.9	427.9	442.6	348.0
1. Inventories	442.4	626.1	656.6	592.3	367.1	523.4	593.4	514.6	451.1	428.2	443.0	348.4
2. Provision for decline in value of inventories	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3
V. Other short-term assets	34.1	39.4	23.9	22.4	16.6	12.4	26.1	36.0	24.5	5.5	18.9	28.3
1. Short-term prepayments	8.2	14.9	16.2	15.9	3.6	6.8	13.4	19.3	3.0	5.3	16.8	27.2
2. Value added tax to be reclaimed	12.9	19.8	4.8	5.4	9.3	1.7	4.2	8.8	9.4	0.0	1.3	0.6
3. Taxes and other receivables from state authorities	13.0	4.6	2.8	1.0	3.7	3.8	8.4	7.8	12.2	0.2	0.7	0.5
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)	1,920.5	1,933.5	1,750.7	1,835.8	1,862.0	1,793.0	1,714.7	1,775.6	1,837.4	1,910.2	1,977.8	2,083.1
I. Long-term receivables	167.7	154.0	153.5	153.7	136.9	136.3	136.3	136.1	129.0	128.4	128.0	128.3
1. Long-term trade receivables	9.5	9.5	9.5	9.5	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	158.2	144.5	144.0	144.2	136.9	136.3	136.3	136.1	129.0	128.4	128.0	128.3
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	1,210.9	1,252.7	1,062.7	1,118.2	1,215.8	1,143.5	1,145.2	1,199.1	1,264.4	1,322.7	1,400.1	1,485.4
1. Tangible fixed assets	1,206.6	1,248.3	1,058.3	1,113.7	1,211.1	1,138.7	1,140.3	1,194.0	1,245.6	1,317.4	1,375.9	1,460.6
- Cost	—	—	—	—	6,269.3	6,133.3	6,085.6	6,081.0	6,172.8	6,155.7	6,146.5	6,135.0
- Accumulated depreciation	—	—	—	—	-5,058.2	-4,994.6	-4,945.4	-4,887.0	-4,927.2	-4,838.3	-4,770.6	-4,674.4
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	4.3	4.3	4.4	4.5	4.6	4.8	4.9	5.1	18.8	5.4	24.2	24.8
- 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	77.2	78.1	79.1	80.0	35.0	35.6	36.3	36.9	37.5	38.1	38.8	39.4
- 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	33.9	22.2	17.0	30.5	17.2	14.4	12.5	10.8	10.3	12.0	18.2	24.3
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	33.9	22.2	17.0	30.5	17.2	14.4	12.5	10.8	10.3	12.0	18.2	24.3
V. Long-term financial investments	18.3	18.3	18.3	17.5	18.3	18.3	18.3	18.3	18.3	18.3	18.3	18.3
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	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7
3. Investments in other entities	16.6	16.6	16.6	16.6	16.6	16.6	16.6	16.6	16.6	16.6	16.6	16.6
4. Provision for diminution in value of long-term investments	—	—	—	-0.9	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	412.5	408.2	419.9	435.8	438.7	444.8	366.0	374.4	377.8	390.6	374.4	387.4
1. Long-term prepayments	392.4	385.4	397.2	411.4	417.4	433.0	354.3	362.9	366.8	377.5	361.4	374.3
2. Deferred income tax assets	20.1	22.8	22.8	24.5	21.2	11.8	11.8	11.6	11.1	13.1	13.0	13.1
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)	3,257.4	3,595.3	3,559.6	3,581.5	3,164.8	3,189.3	3,212.1	3,255.8	3,109.4	3,286.0	3,388.5	3,519.9
A. LIABILITIES (300=210+330)	1,104.9	1,507.7	1,486.8	1,439.8	1,096.9	1,221.3	1,262.3	1,164.7	1,045.6	1,303.7	1,428.2	1,482.4
I. Short -term liabilities	834.9	1,261.6	1,347.0	1,291.1	959.7	1,136.6	1,182.8	1,088.7	969.9	1,195.5	1,176.8	1,130.0
1. Short-term trade accounts payable	291.9	551.0	474.5	520.7	367.2	459.3	425.1	511.0	379.9	388.5	321.5	383.9
2. Short-term advances from customers	22.2	19.3	34.8	38.8	17.2	16.6	10.9	9.3	14.1	4.9	9.3	9.5
3. Taxes and other payables to state authorities	55.1	68.1	89.0	96.1	102.3	69.4	73.2	70.6	41.4	110.1	100.5	108.9
4. Payable to employees	236.5	190.4	175.1	136.8	224.9	154.0	117.1	106.7	217.4	167.4	159.7	131.3
5. Short-term acrrued expenses	13.5	20.5	25.6	27.0	12.2	19.5	17.3	15.0	11.2	22.5	26.2	25.3
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	0.5	0.8	0.6	0.8	0.4	0.9	0.6	1.0	0.4	0.8	0.6	1.0
9. Other short-term payables	11.4	13.2	14.5	17.6	13.9	35.5	20.9	19.8	12.9	20.8	16.2	17.2
10. Short-term borrowings and financial leases	110.5	135.0	142.0	169.2	122.7	200.4	238.5	239.7	205.3	239.2	234.8	270.0
11. Provision for short-term liabilities	—	150.1	260.2	196.8	0.0	69.1	153.3	46.4	7.4	145.0	197.3	130.1
12.. Bonus and welfare fund	93.4	113.1	130.7	87.3	98.8	111.9	125.7	69.2	80.0	96.3	110.5	52.8
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	270.0	246.1	139.8	148.7	137.2	84.8	79.5	76.1	75.7	108.2	251.4	352.4
1. Long-term trade payables	9.1	9.1	9.1	8.8	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	1.2	1.2	1.3	1.3	1.4	1.4	1.5	1.6	1.6	1.6	1.7	1.7
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	253.5	229.6	123.5	132.6	130.0	77.5	72.2	68.7	68.7	101.2	244.2	344.6
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	6.2	6.2	6.0	5.9	5.9	5.8	5.8	5.8	5.5	5.5	5.6	6.0
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)	2,152.5	2,087.6	2,072.7	2,141.7	2,067.9	1,967.9	1,949.8	2,091.1	2,063.8	1,982.3	1,960.2	2,037.5
I. Owner's equity	2,152.5	2,087.6	2,072.7	2,141.7	2,067.9	1,967.9	1,949.8	2,091.1	2,063.8	1,982.3	1,960.2	2,037.5
1. Owner's capital	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0
- Common stock with voting right	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	20.3	20.3	20.3	20.3	20.3	20.3	20.3	20.3	20.3	20.3	20.3	20.3
5. Treasury shares	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Assets revaluation differences	-14.0	-14.0	-14.0	-14.0	-14.0	-14.0	-14.0	-14.0	-14.0	-14.0	-14.0	-14.0
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	438.9	438.9	438.9	373.1	373.1	373.1	373.1	310.2	310.2	310.2	310.2	305.1
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	297.8	235.7	226.4	352.4	284.6	194.9	178.0	372.9	343.9	276.0	246.3	316.6
- Accumulated retained earning at the end of the previous period	70.0	70.0	70.0	287.8	64.3	47.3	64.2	326.4	85.4	85.4	85.4	250.1
- Undistributed earnings in this period	227.8	165.7	156.4	64.6	220.3	147.6	113.9	46.5	258.4	190.6	160.8	66.6
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	359.3	356.5	350.9	359.7	353.6	343.4	342.1	351.5	353.3	339.6	347.3	359.2
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)	3,257.4	3,595.3	3,559.6	3,581.5	3,164.8	3,189.3	3,212.1	3,255.8	3,109.4	3,286.0	3,388.5	3,519.9

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	97.2	22.3	139.2	91.9	122.8	49.3	102.5	60.9	87.6	42.0	140.7	93.8
Depreciation of Fixed Assets and Investment Property	65.7	71.3	66.5	64.6	65.1	50.0	59.2	53.2	89.8	67.6	96.9	84.0
Provision (Increase)/Reversal	-152.2	-125.1	76.1	197.3	-71.7	-84.3	106.8	38.8	-138.1	-54.3	67.8	124.1
FX Gain/Loss from Revaluation of Monetary Items	-2.1	1.0	0.5	0.6	2.0	0.3	-0.7	-0.4	-0.2	0.3	0.2	-0.1
Gain/Loss from Investment Activities	-6.9	-4.7	-6.1	-2.0	-4.2	-1.8	-3.0	-7.7	-12.9	1.0	-7.7	-3.6
Interest Expense	6.9	5.2	4.5	4.7	4.3	4.1	4.8	4.7	7.8	8.0	14.1	15.5
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	8.6	-30.1	280.8	357.2	118.3	17.6	269.6	149.6	34.1	64.6	312.0	313.7
Increase/(Decrease) in Receivables	15.3	156.7	95.1	-169.3	-2.6	-19.7	47.2	-223.1	93.6	82.7	70.2	3.6
Increase/(Decrease) in Inventory	181.2	32.2	-66.0	-228.3	156.3	70.0	-78.8	-63.7	-22.7	14.7	-94.6	-118.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-193.9	-2.2	-24.5	139.8	7.3	90.7	-83.5	31.1	16.4	109.6	-72.5	-27.4
Increase/(Decrease) in Prepaid Expenses	-0.3	13.1	13.9	-6.1	18.9	-72.2	14.5	0.8	-0.2	-4.6	23.4	5.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-31.8	21.0	-4.1	-4.1	-6.2	-4.1	-4.1	-4.0	-8.0	-10.8	-13.7	-17.2
Corporate Income Tax Paid	-11.2	-23.8	-16.6	-29.8	-22.9	-14.0	-9.7	-9.4	-30.8	-16.7	-3.6	-5.0
Other Operating Receipts	—	—	—	—	7.4	0.4	0.3	0.0	-47.3	38.1	4.3	4.8
Other Operating Payments	-26.6	-10.7	-15.5	-13.4	-16.1	-3.6	-18.3	-9.4	-18.8	-9.6	-10.6	-12.7
Net Cash Flow from Operating Activities	-56.0	157.2	261.5	47.6	260.4	65.2	137.2	-128.0	16.3	268.1	214.9	146.2
Payments for Fixed Assets and Other Long-term Assets	-39.2	-220.1	-46.7	-17.1	-135.8	-56.1	-5.4	-3.0	-18.4	-5.6	-11.9	-3.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	-0.0	0.1	0.0	0.1	0.0	0.0	0.0	5.4	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-97.0	-6.0	-127.0	-50.0	-59.5	10.0	-10.0	0.0	-72.5	-10.0	-80.0	-50.0
Receipts from Loan Repayments and Sale of Debt Instruments	39.5	-36.0	66.0	—	40.0	80.0	2.5	120.0	32.0	-42.0	42.0	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	4.7	6.0	4.2	2.4	4.2	1.8	3.0	2.3	8.0	0.9	7.7	3.6
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	-92.1	-256.1	-103.5	-64.6	-151.1	35.6	-9.9	124.7	-50.9	-56.7	-42.3	-50.3
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share Repurchases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	189.9	244.8	144.0	193.4	263.8	210.1	269.2	236.1	380.1	179.5	193.7	177.3
Repayment of Borrowings	-190.5	-145.7	-180.4	-144.2	-289.1	-242.8	-267.0	-201.6	-446.3	-321.7	-325.4	-211.4
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-15.9	0.7	-121.0	-0.0	-42.1	-22.5	-145.4	-0.0	27.4	-46.9	-119.8	-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	-16.5	99.8	-157.4	49.2	-67.4	-55.2	-143.1	34.5	-38.9	-189.2	-251.5	-34.1
Net Cash Flow During the Period	-164.6	0.9	0.7	32.2	41.9	45.6	-15.8	31.1	-73.4	22.3	-78.8	61.7
Cash and Cash Equivalents at Beginning of Period	361.8	360.8	360.1	327.9	225.1	225.1	225.1	225.1	293.4	293.4	293.4	293.4
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	197.1	361.8	360.8	360.1	327.9	286.0	240.4	256.2	225.1	298.6	276.3	355.1

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