NAW

Listed Company · UPCOM

Price

—

Latest close

P/E —

EPS (TTM) 534

ROE (TTM) 5.1%

P/B —

BVPS (Latest) 10,694

ROA (TTM) 2.7%

What Is Changing

NAW no longer looks like a business simply rebounding from a weak base. Revenue posted +13.4% YoY, while net margin reached 5.31% with an additional +4.4pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin broke above its recent high, rising 360bps to 5.31% in 2025.
Revenue growth accelerated to 13.4% in 2025, up 5.7pp versus the prior year.
Net Income reached a multi-period high at VND 19.9bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	374.0	329.7	306.1	281.9	132.6
Growth	+13%	+8%	+9%	+113%	—
Net Income	19.9	2.9	2.8	4.8	0.5
Net Margin	5.31%	0.89%	0.90%	1.71%	0.35%

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	95.3	105.2	93.9	79.7	84.6	89.0	84.0	72.2	76.6	83.4	73.0	73.1
Growth	-9%	+12%	+18%	-6%	-5%	+6%	+16%	-6%	-8%	+14%	-0%	—
Net Income	0.2	18.4	0.5	0.8	0.9	0.9	0.4	1.3	-1.7	2.4	1.4	0.6
Net Margin	0.21%	17.50%	0.55%	1.04%	1.04%	1.06%	0.51%	1.86%	-2.21%	2.92%	1.91%	0.81%

Financial Statements

Profitability

Net margin reached 5.31% while Revenue posted +13.4% YoY.

Balance Sheet

Inventory stood at 74.0bn, liabilities at 355.5bn, and equity at 399.8bn.

Cash Flow

Operating cash flow was 57.1bn in 2024, while investing cash flow was 25.0bn.

Financing cash flow: -26.7bn.

Item	2025	2024	2023	2022	2021
Revenue	374.0	329.7	306.1	281.9	132.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	374.0	329.7	306.1	281.9	132.6
Cost of Goods Sold	298.0	248.8	233.6	214.5	0.0
Gross Profit	76.0	80.9	72.5	67.4	24.2
Financial Income	5.7	1.9	6.5	6.9	3.0
Financial Expenses	7.3	8.4	11.4	10.4	-6.0
Interest Expense	7.2	8.3	10.3	10.1	-6.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	18.3	16.9	19.2	19.2	-7.2
General and Administrative Expenses	56.0	54.1	47.8	39.9	-14.1
Operating Profit	0.1	3.5	0.7	4.8	-0.1
Other Income	32.7	0.5	4.0	2.5	0.0
Other Expenses	8.0	0.3	0.4	1.1	0.0
Other Profit	24.7	0.2	3.6	1.3	0.7
Profit Before Tax	24.8	3.7	4.3	6.1	0.6
Current Income Tax Expense	5.0	0.7	1.5	1.3	-0.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	19.9	2.9	2.8	4.8	0.5
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	19.9	2.9	2.8	4.8	0.5
Earnings per Share	531.29	67.00	63.00	71.00	12.00
Diluted EPS	531.29	67.00	63.00	71.00	0.00

Item	2025	2024	2023	2022	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	362.0	238.8	271.2	285.8	261.3
I. Cash and cash equivalents	174.3	111.2	55.7	67.1	163.6
1. Cash	18.0	95.0	39.7	51.4	0.0
2. Cash equivalents	156.3	16.2	16.0	15.7	0.0
II. Short-term financial investments	76.8	25.9	75.3	109.9	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	76.8	25.9	75.3	109.9	0.0
III. Short-term receivables	36.7	24.5	27.4	28.3	25.2
1. Short-term trade accounts receivable	34.6	19.9	20.4	18.1	0.0
2. Short-term prepayments to suppliers	6.6	7.0	8.5	10.7	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	18.7	15.3	16.0	16.1	0.0
7. Provision for short-term doubtful debts (*)	-23.3	-17.7	-17.4	-16.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	74.0	72.8	99.1	71.8	65.4
1. Inventories	74.0	72.8	99.1	71.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.2	4.4	13.7	8.7	7.1
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.2	4.4	13.2	8.7	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.4	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)	393.3	503.9	586.0	578.0	535.3
I. Long-term receivables	0.5	0.5	0.5	0.5	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.2
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	0.5	0.5	0.5	0.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	368.2	478.3	537.9	526.5	510.2
1. Tangible fixed assets	367.9	478.2	537.8	526.4	504.4
- Cost	1,316.7	1,338.7	1,287.5	1,213.7	0.0
- Accumulated depreciation	-948.9	-860.4	-749.7	-687.3	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	0.3	0.1	0.1	0.1	5.9
- Cost	0.8	0.5	0.5	0.5	0.0
- Accumulated depreciation	-0.5	-0.5	-0.4	-0.4	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	8.7	6.3	25.9	19.7	20.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	8.7	6.3	25.9	19.7	0.0
V. Long-term financial investments	13.3	13.4	13.5	13.8	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	13.8	13.8	13.8	13.8	0.0
4. Provision for diminution in value of long-term investments	-0.5	-0.4	-0.3	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	2.6	5.4	8.2	17.4	0.0
1. Long-term prepayments	2.6	5.4	8.2	17.4	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	4.6
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	-0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	755.3	742.7	857.1	863.8	796.7
A. LIABILITIES (300=210+330)	355.5	361.4	477.6	483.9	422.0
I. Short -term liabilities	256.2	235.4	324.9	304.6	189.4
1. Short-term trade accounts payable	56.2	54.0	58.4	57.3	134.4
2. Short-term advances from customers	3.0	4.0	5.8	11.6	8.5
3. Taxes and other payables to state authorities	0.5	0.8	0.4	0.6	0.0
4. Payable to employees	19.7	15.1	16.2	14.9	0.0
5. Short-term acrrued expenses	2.8	3.3	3.3	1.7	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	7.3	7.4	105.2	105.0	0.0
10. Short-term borrowings and financial leases	26.6	26.7	26.7	26.7	26.6
11. Provision for short-term liabilities	135.5	120.9	107.1	85.7	0.0
12.. Bonus and welfare fund	4.5	3.1	1.9	1.2	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	99.3	126.0	152.7	179.3	232.6
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	99.3	126.0	152.7	179.3	232.6
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)	399.8	381.3	379.6	379.9	374.7
I. Owner's equity	399.8	381.3	379.6	379.9	0.0
1. Owner's capital	373.9	373.9	373.9	373.9	374.7
- Common stock with voting right	373.9	373.9	373.9	373.9	373.9
- 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	6.1	4.5	3.0	1.2	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	19.9	2.9	2.8	4.8	0.8
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0	0.2
- Undistributed earnings in this period	19.9	2.9	2.8	4.8	0.6
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)	755.3	742.7	857.1	863.8	796.7

Item	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	0.0	-2.2	-1.1	0.0
Other Operating Receipts	10.2	14.3	2.8	0.0
Other Operating Payments	-18.3	-38.4	-47.3	0.0
Net Cash Flow from Operating Activities	57.1	44.9	115.5	24.6
Payments for Fixed Assets and Other Long-term Assets	-27.2	-75.6	-99.6	-3.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.1
Loans and Purchases of Debt Instruments	0.0	0.0	0.0	-25.4
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	0.0	19.0
Investments in Other Entities	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.7	0.5	7.0	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	25.0	-29.6	-71.8	-8.7
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	0.0	0.0	0.0
Repayment of Borrowings	-26.7	-26.7	-39.1	-4.8
Repayment of Finance Leases	0.0	0.0	0.0	0.0
Dividends Paid	0.0	0.0	0.0	0.0
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	-26.7	-26.7	-39.1	-4.8
Net Cash Flow During the Period	55.5	-11.4	4.6	0.0
Cash and Cash Equivalents at Beginning of Period	55.7	67.1	62.5	163.6
FX Difference from Revaluation	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	111.2	55.7	67.1	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	95.3	105.2	93.9	79.7	84.6	89.0	84.0	72.2	76.6	83.4	73.0	73.1
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	95.3	105.2	93.9	79.7	84.6	89.0	84.0	72.2	76.6	83.4	73.0	73.1
Cost of Goods Sold	66.9	88.3	79.5	63.3	61.4	72.6	62.2	50.3	51.5	64.3	65.9	52.8
Gross Profit	28.4	16.8	14.4	16.4	23.1	16.4	21.8	21.9	25.1	19.1	7.1	20.3
Financial Income	3.6	0.7	1.3	0.1	0.9	0.1	0.7	0.2	2.5	0.5	3.1	0.5
Financial Expenses	1.8	1.6	2.1	1.6	2.5	1.6	2.0	2.2	3.0	3.0	2.8	2.5
Interest Expense	1.8	1.6	2.1	1.6	2.5	1.6	2.0	2.2	3.0	3.0	2.8	2.5
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	6.1	4.2	3.8	4.2	4.2	4.0	4.9	3.8	6.8	4.0	4.4	4.0
General and Administrative Expenses	27.2	10.6	8.7	9.7	16.3	9.8	15.2	14.4	15.2	9.6	9.5	12.9
Operating Profit	-3.1	1.2	1.1	0.9	1.0	1.1	0.5	1.7	2.7	3.0	-6.5	1.4
Other Income	3.2	29.1	0.3	0.1	0.2	0.2	0.0	0.0	-4.6	0.1	8.2	0.3
Other Expenses	-0.2	7.3	0.8	0.0	0.1	0.2	0.0	0.0	0.2	0.1	0.0	0.1
Other Profit	3.4	21.8	-0.4	0.1	0.1	0.1	0.0	-0.0	-4.8	0.0	8.2	0.2
Profit Before Tax	0.3	23.0	0.6	1.0	1.1	1.2	0.5	1.7	-2.1	3.1	1.7	1.6
Current Income Tax Expense	0.1	4.6	0.1	0.2	0.2	0.2	0.1	0.3	-0.4	0.6	0.3	1.0
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.2	18.4	0.5	0.8	0.9	0.9	0.4	1.3	-1.7	2.4	1.4	0.6
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.2	18.4	0.5	0.8	0.9	0.9	0.4	1.3	-1.7	2.4	1.4	0.6
Earnings per Share	5.43	492.18	13.77	22.17	23.63	25.23	11.40	35.98	-45.37	65.12	37.34	15.79
Diluted EPS	5.43	492.18	13.77	22.17	23.63	25.23	11.40	35.98	-45.37	65.12	37.34	15.79

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)	362.0	340.9	302.3	255.0	237.7	218.8	184.7	202.8	273.4	276.1	263.3	266.6
I. Cash and cash equivalents	174.3	200.5	173.5	127.8	111.2	83.5	46.5	41.8	55.7	68.2	48.8	42.5
1. Cash	18.0	124.2	37.3	61.6	95.0	67.4	30.3	25.7	39.7	52.2	32.9	26.7
2. Cash equivalents	156.3	76.3	136.2	66.2	16.2	16.2	16.1	16.0	16.0	16.0	15.9	15.8
II. Short-term financial investments	76.8	26.5	25.9	25.9	25.9	25.7	25.2	24.9	75.3	79.6	77.4	76.6
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	76.8	26.5	25.9	25.9	25.9	25.7	25.2	24.9	75.3	79.6	77.4	76.6
III. Short-term receivables	36.7	41.9	28.6	26.9	23.4	27.9	27.4	27.1	29.8	35.0	37.3	40.7
1. Short-term trade accounts receivable	34.6	37.4	22.9	22.3	19.9	21.5	21.7	19.6	20.4	19.7	18.9	17.9
2. Short-term prepayments to suppliers	6.6	6.3	7.7	6.1	7.1	7.5	6.4	6.7	8.5	14.7	18.1	26.2
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	18.7	15.8	15.8	16.2	15.2	16.3	16.8	18.2	18.4	18.1	16.9	13.2
7. Provision for short-term doubtful debts (*)	-23.3	-17.6	-17.7	-17.7	-18.8	-17.4	-17.4	-17.4	-17.4	-17.4	-16.6	-16.6
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	74.0	71.9	72.5	72.1	72.8	75.4	76.8	98.0	99.0	81.9	88.2	95.0
1. Inventories	74.0	71.9	72.5	72.1	72.8	75.4	76.8	98.0	99.0	81.9	88.2	95.0
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	0.1	1.8	2.3	4.5	6.3	8.8	11.1	13.5	11.4	11.6	11.6
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	0.2	—	1.7	2.1	4.5	6.3	8.7	11.0	13.0	11.4	11.5	11.6
3. Taxes and other receivables from state authorities	0.0	0.1	0.1	0.2	0.0	0.0	0.1	0.1	0.5	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)	393.3	418.9	446.8	473.2	504.3	544.0	564.9	565.1	583.3	579.4	570.8	575.1
I. Long-term receivables	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
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	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
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	368.2	393.3	423.9	445.9	478.3	519.8	504.5	525.8	528.1	523.8	522.4	513.9
1. Tangible fixed assets	367.9	392.9	423.9	445.9	478.2	519.7	504.4	525.7	528.0	523.7	522.3	513.8
- Cost	—	—	—	—	1,338.7	1,338.6	1,300.1	1,292.0	1,276.6	1,256.1	1,237.2	1,214.8
- Accumulated depreciation	—	—	—	—	-860.4	-818.9	-795.7	-766.2	-748.6	-732.4	-714.9	-701.0
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	0.3	0.4	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
- 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	8.7	7.6	3.9	8.8	6.3	2.5	38.7	16.8	24.3	26.2	21.2	32.8
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	8.7	7.6	3.9	8.8	6.3	2.5	38.7	16.8	24.3	26.2	21.2	32.8
V. Long-term financial investments	13.3	13.3	13.4	13.4	13.4	13.4	13.5	13.5	13.5	13.5	13.8	13.8
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	13.8	13.8	13.8	13.8	13.8	13.8	13.8	13.8	13.8	13.8	13.8	13.8
4. Provision for diminution in value of long-term investments	-0.5	-0.5	-0.4	-0.4	-0.4	-0.4	-0.3	-0.3	-0.3	-0.3	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	2.6	4.3	5.1	4.5	5.8	7.8	7.8	8.5	16.9	15.5	12.8	14.1
1. Long-term prepayments	2.6	4.3	5.1	4.5	5.8	7.8	7.8	8.5	16.9	15.5	12.8	14.1
2. Deferred income tax assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	-0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
TOTAL ASSETS (280=100+200)	755.3	759.8	749.1	728.2	742.1	762.8	749.6	767.9	856.6	855.5	834.1	841.7
A. LIABILITIES (300=210+330)	355.5	360.2	367.9	346.1	360.3	381.9	369.5	387.0	477.1	474.6	455.2	461.2
I. Short -term liabilities	256.2	247.5	255.2	220.1	234.3	242.5	216.8	234.3	324.4	308.5	275.8	281.9
1. Short-term trade accounts payable	56.2	47.5	42.2	47.0	54.6	48.6	48.7	50.6	59.0	51.3	45.7	54.9
2. Short-term advances from customers	3.0	3.2	23.7	6.6	4.0	4.8	6.3	6.5	5.8	5.5	5.3	4.7
3. Taxes and other payables to state authorities	0.5	1.7	0.6	0.4	1.0	0.6	0.3	0.3	0.3	1.5	0.9	0.5
4. Payable to employees	19.7	5.5	5.5	4.9	15.1	11.3	5.6	5.4	15.2	4.8	6.3	4.9
5. Short-term acrrued expenses	2.8	20.9	16.5	4.4	3.3	2.2	18.8	2.9	3.3	3.6	1.9	2.4
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	7.3	7.9	7.9	7.6	7.4	8.0	6.8	32.5	105.2	106.0	108.4	105.7
10. Short-term borrowings and financial leases	26.6	21.8	26.6	21.9	26.7	21.9	13.3	21.9	26.7	21.9	13.4	21.9
11. Provision for short-term liabilities	135.5	134.6	127.7	124.1	119.0	141.9	113.9	112.4	107.1	112.1	92.1	85.7
12.. Bonus and welfare fund	4.5	4.5	4.5	3.1	3.1	3.1	3.1	1.9	1.9	1.9	1.9	1.2
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	99.3	112.7	112.7	126.0	126.0	139.4	152.7	152.7	152.7	166.0	179.3	179.3
1. Long-term trade payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	99.3	112.7	112.7	126.0	126.0	139.4	152.7	152.7	152.7	166.0	179.3	179.3
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)	399.8	399.6	381.3	382.1	381.8	380.9	380.1	380.9	379.5	380.9	378.9	380.4
I. Owner's equity	399.8	399.6	381.3	382.1	381.8	380.9	380.1	380.9	379.5	380.9	378.9	380.4
1. Owner's capital	373.9	373.9	373.9	373.9	373.9	373.9	373.9	373.9	373.9	373.9	373.9	373.9
- Common stock with voting right	373.9	373.9	373.9	373.9	373.9	373.9	373.9	373.9	373.9	373.9	373.9	373.9
- 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	6.1	6.1	6.1	4.5	4.5	4.5	4.5	3.0	3.0	3.0	2.9	1.2
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	19.9	19.7	1.3	3.8	3.5	2.6	1.8	4.1	2.7	4.1	2.2	5.4
- Accumulated retained earning at the end of the previous period	—	—	—	2.9	0.0	0.0	0.0	2.8	0.0	0.0	0.0	4.8
- Undistributed earnings in this period	19.9	19.7	1.3	0.8	3.5	2.6	1.8	1.3	2.7	4.1	2.2	0.6
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	—	—	—	—	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)	755.3	759.8	749.1	728.2	742.1	762.8	749.6	767.9	856.6	855.5	834.1	841.7

Item	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22
Profit Before Tax	—	—	0.0	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	0.0
Provision (Increase)/Reversal	—	—	0.0	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	0.0
Gain/Loss from Investment Activities	—	—	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	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	0.0
Interest Income and Dividends	—	—	0.0	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	0.0
Other Adjustments	—	—	0.0	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	0.0
Increase/(Decrease) in Receivables	—	—	0.0	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	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	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	0.0	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	0.0
Interest Paid	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	0.0	-0.7	0.0	0.0	0.0	-2.2	1.0	0.0	-1.0	-1.1	0.1
Other Operating Receipts	—	—	-6.2	54.7	-48.5	14.3	-3.3	40.0	-36.7	2.8	-1.6
Other Operating Payments	-47.9	30.1	8.5	78.8	-87.3	-38.4	16.9	1.8	-18.7	-47.3	23.9
Net Cash Flow from Operating Activities	-5.6	71.6	21.1	88.1	-109.2	44.9	9.1	77.8	-86.9	115.5	-39.0
Payments for Fixed Assets and Other Long-term Assets	-10.1	-0.3	25.3	-23.3	-2.0	-75.6	36.8	-35.1	-1.7	-99.6	9.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	20.0	0.0	0.0	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	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	0.0
Investments in Other Entities	—	—	0.0	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	0.0
Dividends and Interest Income Received	—	0.1	-0.1	-0.1	0.2	0.5	-0.9	0.4	0.5	7.0	-0.6
Increase/(Decrease) in Term Deposits	—	—	0.0	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	0.0
Other Investing Receipts	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	59.8	-50.2	-26.3	-23.3	49.6	-29.6	-4.0	-29.7	33.7	-71.8	-1.4
Proceeds from Equity Issuance and Capital Contributions	—	—	0.0	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	0.0
Proceeds from Borrowings	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-8.6	-4.8	13.3	-8.6	-4.8	-26.7	13.3	-8.6	-4.8	-39.1	13.3
Repayment of Finance Leases	—	—	0.0	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	0.0
Other Financing Receipts	—	—	0.0	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	0.0
Net Cash Flow from Financing Activities	-8.6	-4.8	13.3	-8.6	-4.8	-26.7	13.3	-8.6	-4.8	-39.1	13.3
Net Cash Flow During the Period	45.7	16.6	8.1	56.3	-64.4	-11.4	18.4	39.5	-57.9	4.6	-27.1
Cash and Cash Equivalents at Beginning of Period	153.7	137.1	0.0	55.7	131.0	67.1	0.0	67.1	177.0	62.5	0.0
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	173.5	153.7	0.0	47.6	66.6	55.7	0.0	48.8	119.1	67.1	0.0

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What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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