NBC

Listed Company · HNX

Price

10,800

Latest close

03 Apr 2026

P/E 9.8x

EPS (TTM) 1,107

ROE (TTM) 7.8%

P/B 0.8x

BVPS (Latest) 14,320

ROA (TTM) 1.6%

What Is Changing

NBC has not yet shown a broad-based top-line recovery. Revenue posted -4.4% YoY, but net margin reached 1.53% 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 10.8% to VND 41.1bn in 2025.
Net margin improved from 1.32% in the prior period to 1.53% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	2,682.4	2,804.8	3,251.8	3,611.0	2,670.9
Growth	-4%	-14%	-10%	+35%	—
Net Income	41.1	37.1	104.1	47.2	45.7
Net Margin	1.53%	1.32%	3.20%	1.31%	1.71%

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	1,070.5	337.2	554.5	723.4	1,128.7	347.6	755.5	581.0	513.4	902.1	970.4	835.7
Growth	+217%	-39%	-23%	-36%	+225%	-54%	+30%	+13%	-43%	-7%	+16%	—
Net Income	24.7	1.8	4.5	10.0	107.8	-104.1	16.8	15.8	35.3	32.5	23.2	12.4
Net Margin	2.31%	0.52%	0.82%	1.39%	9.55%	-29.96%	2.22%	2.72%	6.88%	3.60%	2.39%	1.48%

Financial Statements

Profitability

Net margin reached 1.53% while Revenue posted -4.4% YoY.

Balance Sheet

Inventory stood at 301.3bn, liabilities at 1,880.1bn, and equity at 529.9bn.

Cash Flow

Operating cash flow was 298.5bn in 2025, while investing cash flow was -335.2bn.

Financing cash flow: 35.1bn.

Item	2025	2024	2023	2022	2021
Revenue	2,682.4	2,804.8	3,251.8	3,611.0	2,670.9
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	2,682.4	2,804.8	3,251.8	3,611.0	2,670.9
Cost of Goods Sold	2,416.7	2,523.2	2,799.2	3,193.6	0.0
Gross Profit	265.7	281.6	452.6	417.4	346.0
Financial Income	3.0	2.7	2.6	2.5	8.3
Financial Expenses	51.5	74.1	135.1	165.1	-173.6
Interest Expense	50.9	68.8	127.8	159.2	-178.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	15.2	18.0	22.7	43.1	-20.2
General and Administrative Expenses	157.9	151.3	177.3	150.2	-110.5
Operating Profit	44.1	40.9	120.1	61.5	50.0
Other Income	8.5	9.1	7.8	4.7	0.0
Other Expenses	1.1	3.2	2.0	5.9	0.0
Other Profit	7.4	5.8	5.8	-1.2	0.7
Profit Before Tax	51.5	46.7	125.9	60.3	50.7
Current Income Tax Expense	7.9	9.6	31.0	42.6	-4.9
Deferred Income Tax Expense	2.5	0.0	-9.2	-29.5	0.0
Net Income	41.1	37.1	104.1	47.2	45.7
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	41.1	37.1	104.1	47.2	45.7
Earnings per Share	1,110.00	1,003.00	2,814.00	1,276.00	1,236.00
Diluted EPS	1,110.37	1,002.53	2,813.81	1,275.81	1,236.05

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	830.3	1,054.8	848.0	1,215.9	823.0
I. Cash and cash equivalents	5.0	6.6	3.3	1.8	3.1
1. Cash	5.0	6.6	3.3	1.8	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	8.9	0.0	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	8.9	0.0	0.0	0.0	0.0
III. Short-term receivables	479.4	832.1	707.2	991.2	137.7
1. Short-term trade accounts receivable	423.0	827.5	703.4	985.7	0.0
2. Short-term prepayments to suppliers	48.6	0.0	0.0	0.0	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	7.8	4.6	3.8	5.4	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	301.3	182.3	74.9	192.5	612.0
1. Inventories	301.3	182.3	74.9	192.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	35.6	33.7	62.6	30.3	70.2
1. Short-term prepayments	34.9	33.7	40.8	28.4	0.0
2. Value added tax to be reclaimed	—	0.0	19.8	0.0	0.0
3. Taxes and other receivables from state authorities	0.8	0.0	2.0	1.9	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)	1,579.7	1,515.5	1,779.7	2,157.4	2,652.2
I. Long-term receivables	93.3	90.1	87.0	84.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	81.1
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	93.3	90.1	87.0	84.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,233.0	1,272.1	1,576.2	1,961.4	2,341.5
1. Tangible fixed assets	1,233.0	1,272.1	1,574.0	1,959.2	2,339.2
- Cost	5,090.4	4,883.2	4,838.7	4,810.3	0.0
- Accumulated depreciation	-3,857.3	-3,611.0	-3,264.7	-2,851.1	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	2.1	2.2	2.3
- Cost	0.4	0.4	3.6	3.6	0.0
- Accumulated depreciation	-0.4	-0.4	-1.4	-1.4	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	95.4	88.2	73.1	72.9	77.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	95.4	88.2	73.1	72.9	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	157.9	65.0	43.4	39.1	0.0
1. Long-term prepayments	121.7	26.3	4.7	9.6	0.0
2. Deferred income tax assets	36.2	38.7	38.7	29.5	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	152.5
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)	2,410.0	2,570.2	2,627.8	3,373.2	3,475.2
A. LIABILITIES (300=210+330)	1,880.1	2,044.8	2,052.6	2,884.4	2,994.7
I. Short -term liabilities	1,605.1	1,898.6	1,650.4	2,030.0	1,581.9
1. Short-term trade accounts payable	491.2	487.4	421.0	376.9	387.7
2. Short-term advances from customers	0.1	0.6	0.1	0.2	1.0
3. Taxes and other payables to state authorities	79.3	116.0	28.5	144.7	0.0
4. Payable to employees	138.9	114.0	197.5	169.6	0.0
5. Short-term acrrued expenses	0.1	0.1	0.1	5.8	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	12.9	212.6	12.2	223.1	0.0
10. Short-term borrowings and financial leases	852.5	927.6	980.0	1,090.0	998.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	30.2	40.1	11.0	19.8	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	274.9	146.2	402.2	854.4	1,412.8
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	274.9	146.2	402.1	854.3	1,412.6
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	0.1	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)	529.9	525.4	575.2	488.8	480.5
I. Owner's equity	529.9	525.4	575.2	488.8	0.0
1. Owner's capital	370.0	370.0	370.0	370.0	480.5
- Common stock with voting right	370.0	370.0	370.0	370.0	370.0
- 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	—	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	80.3	78.2	71.7	71.7	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	79.8	77.3	133.6	47.2	45.7
- Accumulated retained earning at the end of the previous period	38.7	40.2	29.5	0.0	0.0
- Undistributed earnings in this period	41.1	37.1	104.1	47.2	45.7
12. Reserves for investment in construction	0.1	0.1	0.1	0.1	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	0.0
1. Subsidized not-for-profit funds	0.0	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)	2,410.0	2,570.2	2,627.8	3,373.2	3,475.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	51.5	46.7	125.9	60.3	50.7
Depreciation of Fixed Assets and Investment Property	308.8	380.1	420.1	438.5	478.1
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	0.5	-0.0	-0.4	-0.1	0.0
Interest Expense	50.9	68.8	127.8	159.2	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	143.0	0.0
Operating Profit Before Changes in Working Capital	411.6	495.6	673.4	801.0	696.4
Increase/(Decrease) in Receivables	396.9	-105.2	261.1	-858.7	0.0
Increase/(Decrease) in Inventory	-119.0	-107.4	117.6	426.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-209.4	268.1	-230.3	340.9	0.0
Increase/(Decrease) in Prepaid Expenses	-96.5	-11.6	-7.5	22.7	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-50.9	-68.8	-133.5	-153.5	0.0
Corporate Income Tax Paid	-6.8	-8.8	-55.7	-18.3	0.0
Other Operating Receipts	—	0.0	0.0	0.2	0.0
Other Operating Payments	-27.3	-27.0	-15.5	-25.3	0.0
Net Cash Flow from Operating Activities	298.5	435.0	609.7	535.0	624.9
Payments for Fixed Assets and Other Long-term Assets	-325.5	-93.8	-35.4	-47.5	-461.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	-0.8	-0.0	0.3	0.0	0.0
Loans and Purchases of Debt Instruments	-8.9	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
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	0.0	0.0	0.1	0.0	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	-335.2	-93.8	-35.0	-47.4	-461.0
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	2,511.2	2,175.6	2,357.5	2,016.5	2,096.4
Repayment of Borrowings	-2,457.6	-2,483.8	-2,919.6	-2,483.2	-2,261.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-18.5	-29.6	-11.1	-22.2	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	35.1	-337.9	-573.2	-488.9	-164.7
Net Cash Flow During the Period	-1.6	3.3	1.4	-1.3	1.1
Cash and Cash Equivalents at Beginning of Period	6.6	3.3	1.8	3.1	3.9
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	5.0	6.6	3.3	1.8	3.1

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	1,070.5	337.2	554.5	723.4	1,128.7	347.6	755.5	581.0	513.4	902.1	970.4	835.7
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	1,070.5	337.2	554.5	723.4	1,128.7	347.6	755.5	581.0	513.4	902.1	970.4	835.7
Cost of Goods Sold	977.7	288.8	509.9	661.3	948.0	410.5	669.8	502.8	387.2	784.6	851.0	741.5
Gross Profit	92.7	48.4	44.7	62.1	180.7	-62.9	85.7	78.2	126.2	117.5	119.4	94.2
Financial Income	1.4	0.0	1.4	0.0	0.0	0.0	1.3	0.0	1.3	1.3	0.0	0.0
Financial Expenses	12.9	12.0	14.5	12.1	18.7	14.1	22.8	18.5	26.3	26.1	38.4	44.2
Interest Expense	12.9	12.0	14.5	11.6	14.1	13.3	22.8	18.5	20.2	20.1	32.4	38.2
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.8	0.0	2.6	1.1	1.8	3.2	6.5	6.5	1.4	2.9	9.7	7.8
General and Administrative Expenses	54.1	34.6	33.4	37.4	43.5	34.1	38.4	34.8	55.7	49.9	42.6	27.5
Operating Profit	25.3	1.8	-4.6	11.5	116.8	-114.4	19.4	18.5	44.1	39.9	28.6	14.7
Other Income	6.5	0.4	10.3	1.3	0.9	3.9	2.4	2.0	1.7	0.7	0.4	1.0
Other Expenses	0.9	0.0	0.1	0.2	0.5	1.8	0.7	0.7	1.0	0.0	0.0	0.2
Other Profit	5.5	0.4	10.2	1.1	0.4	2.1	1.6	1.2	0.7	0.7	0.4	0.8
Profit Before Tax	30.8	2.2	5.7	12.6	117.2	-112.3	21.0	19.7	44.8	40.6	29.0	15.5
Current Income Tax Expense	6.2	0.4	1.1	2.5	9.4	-8.2	4.2	3.9	18.7	8.1	5.8	3.1
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	-9.2	0.0	0.0	0.0
Net Income	24.7	1.8	4.5	10.0	107.8	-104.1	16.8	15.8	35.3	32.5	23.2	12.4
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	24.7	1.8	4.5	10.0	107.8	-104.1	16.8	15.8	35.3	32.5	23.2	12.4
Earnings per Share	667.00	47.00	122.00	271.00	2,914.00	-2,814.00	454.00	427.00	955.00	877.00	627.47	334.00
Diluted EPS	666.95	47.47	122.23	271.36	2,913.89	-2,814.37	453.94	426.96	955.18	877.23	627.47	334.36

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)	846.2	944.5	756.0	752.6	1,064.4	896.4	1,019.3	916.1	815.1	827.8	1,027.9	883.8
I. Cash and cash equivalents	5.0	6.0	5.1	5.2	6.6	7.1	4.3	6.0	3.3	6.2	5.2	6.6
1. Cash	5.0	6.0	5.1	5.2	6.6	7.1	4.3	6.0	3.3	6.2	5.2	6.6
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	8.9	8.9	8.9	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	8.9	8.9	8.9	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	498.3	202.1	402.2	549.0	843.4	378.3	791.6	798.0	674.2	696.5	883.8	745.6
1. Short-term trade accounts receivable	438.3	151.0	388.1	537.1	836.1	367.1	778.1	779.9	670.3	688.5	874.7	730.5
2. Short-term prepayments to suppliers	48.6	32.0	3.1	0.0	0.0	1.3	3.8	2.0	0.0	0.6	0.2	0.0
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	11.5	19.1	11.0	11.9	7.3	9.9	9.8	16.1	3.8	7.4	8.8	15.1
7. Provision for short-term doubtful debts (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	299.1	696.5	308.9	163.1	181.5	318.3	163.5	75.4	73.8	89.5	112.8	94.8
1. Inventories	299.1	696.5	308.9	163.1	182.3	318.3	163.5	75.4	73.8	89.5	112.8	94.8
2. Provision for decline in value of inventories	—	—	—	—	-0.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	34.8	30.9	30.8	35.3	32.9	192.7	59.9	36.7	63.8	35.7	26.2	36.8
1. Short-term prepayments	34.0	28.2	30.0	32.3	32.9	186.5	33.4	34.2	38.9	33.3	21.0	24.3
2. Value added tax to be reclaimed	—	2.7	—	0.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.8	0.0	0.9	2.2	0.0	6.2	26.4	2.4	24.9	2.3	5.1	12.5
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)	1,579.7	1,353.2	1,381.3	1,429.4	1,514.7	1,533.3	1,602.1	1,688.0	1,779.6	1,738.3	1,821.9	2,051.0
I. Long-term receivables	93.3	92.0	92.0	90.1	88.8	88.8	88.8	87.5	87.0	85.8	84.5	84.5
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	93.3	92.0	92.0	90.1	88.8	88.8	88.8	87.5	87.0	85.8	84.5	84.5
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	1,233.7	1,076.3	1,125.3	1,182.5	1,272.1	1,324.7	1,397.0	1,483.4	1,576.2	1,552.2	1,629.6	1,856.8
1. Tangible fixed assets	1,233.7	1,076.3	1,125.3	1,182.5	1,272.1	1,324.7	1,394.8	1,481.2	1,574.0	1,550.0	1,627.4	1,854.7
- Cost	—	—	—	—	4,883.2	4,851.7	4,824.1	4,838.7	4,838.7	4,819.4	4,820.3	4,810.3
- Accumulated depreciation	—	—	—	—	-3,611.0	-3,527.0	-3,429.2	-3,357.5	-3,264.7	-3,269.4	-3,192.9	-2,955.7
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	2.1	2.1	2.1	2.2	2.2	2.2
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	95.4	91.3	87.8	86.1	88.2	73.4	73.1	73.1	73.1	72.9	72.8	72.9
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	95.4	91.3	87.8	86.1	88.2	73.4	73.1	73.1	73.1	72.9	72.8	72.9
V. Long-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	0.0	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	157.2	93.7	76.2	70.7	65.6	46.4	43.2	44.0	43.2	27.6	35.0	36.8
1. Long-term prepayments	118.5	55.0	37.5	32.0	26.9	7.7	4.5	5.3	4.5	-1.9	5.5	7.3
2. Deferred income tax assets	38.7	38.7	38.7	38.7	38.7	38.7	38.7	38.7	38.7	29.5	29.5	29.5
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)	2,425.9	2,297.7	2,137.3	2,182.0	2,579.1	2,429.7	2,621.4	2,604.1	2,594.6	2,566.2	2,849.8	2,934.8
A. LIABILITIES (300=210+330)	1,896.1	1,792.5	1,633.9	1,646.5	2,054.4	2,014.4	2,102.0	2,013.1	2,020.1	2,027.0	2,343.1	2,433.6
I. Short -term liabilities	1,621.2	1,674.2	1,512.0	1,495.9	1,941.0	1,778.6	1,818.8	1,776.3	1,617.9	1,648.5	1,805.5	1,674.6
1. Short-term trade accounts payable	492.6	454.1	357.2	340.7	487.3	430.6	332.2	348.4	406.8	348.4	273.5	301.5
2. Short-term advances from customers	0.1	1.2	—	0.6	0.6	5.2	5.5	0.8	0.1	1.1	0.0	0.0
3. Taxes and other payables to state authorities	83.9	40.8	44.2	66.9	116.1	26.3	58.1	37.4	29.8	58.7	68.5	59.9
4. Payable to employees	149.1	141.0	106.9	89.4	117.8	83.4	97.5	87.1	159.5	157.0	120.5	98.8
5. Short-term acrrued expenses	0.1	—	0.1	—	0.1	5.7	7.1	8.6	0.1	3.9	37.8	16.6
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	12.1	20.7	35.8	17.1	212.1	216.4	245.6	218.5	30.7	27.3	239.9	232.2
10. Short-term borrowings and financial leases	852.5	896.2	885.0	920.5	966.7	896.9	939.3	1,068.8	980.0	750.3	941.1	869.4
11. Provision for short-term liabilities	—	81.6	36.0	29.1	0.0	65.5	75.5	0.0	0.0	290.2	107.9	83.5
12.. Bonus and welfare fund	30.8	38.6	46.8	31.5	40.3	48.7	57.9	6.7	11.0	11.5	16.3	12.8
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	274.9	118.3	121.9	150.6	113.4	235.7	283.2	236.8	402.2	378.6	537.6	759.1
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	274.9	118.3	121.9	147.4	107.2	235.7	283.2	236.8	402.1	378.5	537.5	759.0
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	—	—	—	3.2	6.2	0.0	0.0	0.0	0.0	0.1	0.2	0.1
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)	529.8	505.2	503.4	535.5	524.7	415.4	519.4	591.0	574.5	539.1	506.7	501.2
I. Owner's equity	529.8	505.2	503.4	535.5	524.7	415.4	519.4	591.0	574.5	539.1	506.7	501.2
1. Owner's capital	370.0	370.0	370.0	370.0	370.0	370.0	370.0	370.0	370.0	370.0	370.0	370.0
- Common stock with voting right	370.0	370.0	370.0	370.0	370.0	370.0	370.0	370.0	370.0	370.0	370.0	370.0
- 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	—	—	—	—	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	80.3	80.3	80.3	78.2	78.2	78.2	78.2	71.7	71.7	71.7	71.7	71.7
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	79.7	55.0	53.3	87.3	76.5	-32.8	71.3	149.4	132.9	97.5	65.1	59.6
- Accumulated retained earning at the end of the previous period	38.7	38.7	38.7	77.3	40.2	38.7	38.7	133.6	29.5	29.5	0.0	47.2
- Undistributed earnings in this period	41.0	16.3	14.6	10.0	36.3	-71.5	32.6	15.8	103.4	68.0	65.1	12.4
12. Reserves for investment in construction	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	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	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)	2,425.9	2,297.7	2,137.3	2,182.0	2,579.1	2,429.7	2,621.4	2,604.1	2,594.6	2,566.2	2,849.8	2,934.8

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	31.1	2.2	5.7	12.6	117.2	-112.3	21.1	19.7	40.8	40.6	29.0	15.5
Depreciation of Fixed Assets and Investment Property	60.5	90.2	66.2	91.9	88.4	96.6	102.5	92.6	0.6	77.7	237.2	104.5
Provision (Increase)/Reversal	—	45.6	6.9	29.1	-64.6	-10.0	75.5	0.0	-290.2	151.7	54.9	83.5
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	0.3	0.3	-0.2	0.1	-0.0	-0.0	-0.0	-0.0	-0.3	-0.0	-0.0	-0.0
Interest Expense	12.8	12.0	14.5	11.6	16.4	13.3	20.6	18.5	26.3	26.1	37.2	38.2
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	23.1	150.2	93.0	145.3	157.3	-12.4	219.7	130.8	-222.8	296.2	358.3	241.7
Increase/(Decrease) in Receivables	-228.6	198.3	147.1	280.1	-457.8	407.2	7.5	-71.9	-31.5	184.1	-126.1	234.5
Increase/(Decrease) in Inventory	395.2	-387.6	-145.8	19.2	136.0	-154.8	-88.1	-0.5	14.6	23.3	-18.0	97.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	84.0	109.9	6.8	-410.2	146.0	22.1	-93.2	152.3	72.8	-113.6	-27.1	-162.4
Increase/(Decrease) in Prepaid Expenses	-73.4	-15.8	-3.2	-4.2	134.0	-119.3	-32.2	6.0	-14.1	-4.9	5.1	6.4
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-12.7	-12.1	-14.4	-11.7	0.1	-15.5	90.9	-127.9	-26.2	-28.0	-29.3	-50.0
Corporate Income Tax Paid	0.0	-1.9	0.8	-5.7	0.0	-3.7	-0.6	-4.5	-10.5	-3.5	-23.5	-18.3
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	-0.0	0.0	-0.0	0.0
Other Operating Payments	-12.8	-3.4	-3.3	-7.7	-7.8	-2.9	-6.4	-5.1	-2.8	-2.6	-3.3	-6.8
Net Cash Flow from Operating Activities	174.8	37.7	81.0	5.0	107.8	120.7	97.7	79.2	-220.4	351.1	136.1	342.8
Payments for Fixed Assets and Other Long-term Assets	-269.6	-44.3	-11.2	-0.4	-49.5	-28.0	-16.3	0.0	-25.1	-0.3	-10.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	-0.6	-0.3	0.2	-0.1	0.0	0.0	0.0	0.0	0.3	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	0.0	0.0	-8.9	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-270.2	-44.5	-20.0	-0.5	-49.5	-28.0	-16.3	0.0	-24.8	-0.3	-10.0	0.0
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	758.8	473.5	557.5	721.4	493.7	546.3	593.5	542.0	638.6	458.5	592.0	668.4
Repayment of Borrowings	-645.9	-465.7	-618.6	-727.3	-552.4	-636.2	-676.6	-618.6	-385.2	-808.3	-741.8	-984.3
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-18.5	—	—	—	0.0	0.0	0.0	0.0	-11.1	0.0	22.2	-22.2
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	94.4	7.7	-61.1	-5.9	-58.8	-89.9	-83.1	-76.5	242.3	-349.8	-127.6	-338.1
Net Cash Flow During the Period	-1.0	0.9	-0.0	-1.4	-0.5	2.8	-1.7	2.7	-2.9	1.0	-1.4	4.8
Cash and Cash Equivalents at Beginning of Period	6.0	5.1	5.2	6.6	3.3	3.3	3.3	3.3	1.8	1.8	1.8	1.8
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	5.0	6.0	5.1	5.2	6.6	7.1	4.3	6.0	3.3	6.2	5.2	6.6

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Balance Sheet

Cash Flow

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