NBW

Listed Company · HNX

Price

34,000

Latest close

02 Apr 2026

P/E 11.6x

EPS (TTM) 2,923

ROE (TTM) 17.5%

P/B 2.0x

BVPS (Latest) 16,779

ROA (TTM) 9.7%

What Is Changing

NBW no longer looks like a business simply rebounding from a weak base. Revenue posted +1.0% YoY, while net margin reached 3.48% with an additional +0.1pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from 2.85% in 2023 to 3.48% in 2025.
Net Income reached a multi-period high at VND 31.9bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	914.9	906.1	888.9	853.4	748.6
Growth	+1%	+2%	+4%	+14%	—
Net Income	31.9	30.3	25.3	20.8	17.8
Net Margin	3.48%	3.34%	2.85%	2.43%	2.37%

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	233.2	224.0	235.4	222.3	233.4	221.1	231.7	219.9	223.5	222.0	228.9	214.5
Growth	+4%	-5%	+6%	-5%	+6%	-5%	+5%	-2%	+1%	-3%	+7%	—
Net Income	7.8	3.1	9.1	11.9	6.9	8.1	8.4	7.0	5.5	5.7	8.2	5.9
Net Margin	3.33%	1.39%	3.88%	5.33%	2.97%	3.65%	3.63%	3.18%	2.48%	2.58%	3.58%	2.74%

Financial Statements

Profitability

Net margin reached 3.48% while Revenue posted +1.0% YoY.

Balance Sheet

Inventory stood at 28.2bn, liabilities at 148.4bn, and equity at 182.9bn.

Cash Flow

Operating cash flow was 54.2bn in 2025, while investing cash flow was -9.2bn.

Financing cash flow: -20.4bn.

Item	2025	2024	2023	2022	2021
Revenue	914.9	906.1	888.9	853.4	748.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	914.9	906.1	888.9	853.4	748.6
Cost of Goods Sold	616.4	618.0	606.6	585.8	0.0
Gross Profit	298.5	288.1	282.2	267.7	201.2
Financial Income	1.0	2.5	5.2	2.0	1.2
Financial Expenses	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	166.5	166.4	165.5	164.8	-115.1
General and Administrative Expenses	90.4	84.4	88.8	78.0	-66.1
Operating Profit	42.6	39.8	33.1	26.8	21.2
Other Income	0.1	0.2	0.0	0.1	0.0
Other Expenses	0.2	0.0	0.2	0.0	0.0
Other Profit	-0.1	0.2	-0.1	0.1	0.8
Profit Before Tax	42.5	40.0	33.0	27.0	22.0
Current Income Tax Expense	10.0	9.0	8.4	9.3	-4.3
Deferred Income Tax Expense	0.6	0.7	-0.8	-3.1	0.0
Net Income	31.9	30.3	25.3	20.8	17.8
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	31.9	30.3	25.3	20.8	17.8
Earnings per Share	2,924.00	2,780.00	2,324.00	1,904.00	1,628.73
Diluted EPS	2,924.38	2,780.49	2,324.00	1,904.22	1,628.73

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	107.0	126.1	141.4	155.3	105.1
I. Cash and cash equivalents	49.7	25.1	33.6	58.1	56.5
1. Cash	44.7	20.1	33.6	37.1	0.0
2. Cash equivalents	5.0	5.0	0.0	21.0	0.0
II. Short-term financial investments	10.0	60.0	65.0	55.0	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	10.0	60.0	65.0	55.0	0.0
III. Short-term receivables	12.4	11.7	12.5	13.6	26.3
1. Short-term trade accounts receivable	14.0	12.3	13.2	11.9	0.0
2. Short-term prepayments to suppliers	0.4	0.4	0.3	0.9	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	0.3	1.3	1.1	1.0	0.0
7. Provision for short-term doubtful debts (*)	-2.3	-2.4	-2.1	-0.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	28.2	23.7	28.3	27.1	9.0
1. Inventories	28.2	23.7	28.3	27.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	6.6	5.6	2.0	1.6	3.4
1. Short-term prepayments	2.2	3.2	0.5	0.5	0.0
2. Value added tax to be reclaimed	2.5	2.4	1.5	0.0	0.0
3. Taxes and other receivables from state authorities	1.9	0.0	0.0	1.0	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)	224.3	199.3	161.2	145.9	153.5
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	204.9	180.2	146.2	141.0	139.9
1. Tangible fixed assets	199.3	179.2	144.6	138.5	136.6
- Cost	606.2	556.3	495.7	468.7	0.0
- Accumulated depreciation	-406.9	-377.2	-351.1	-330.2	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	5.6	1.1	1.6	2.5	3.4
- Cost	19.9	14.2	13.5	12.8	0.0
- Accumulated depreciation	-14.3	-13.1	-12.0	-10.3	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	8.2	9.3	8.9	1.0	1.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	8.2	9.3	8.9	1.0	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	11.1	9.7	6.2	3.9	0.0
1. Long-term prepayments	7.9	5.9	1.7	0.2	0.0
2. Deferred income tax assets	3.2	3.8	4.5	3.7	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	12.6
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)	331.3	325.4	302.7	301.2	258.6
A. LIABILITIES (300=210+330)	148.4	142.5	126.9	119.3	90.3
I. Short -term liabilities	148.1	142.2	126.6	118.9	89.9
1. Short-term trade accounts payable	83.4	94.0	85.7	76.0	60.0
2. Short-term advances from customers	0.9	1.1	0.6	0.6	0.8
3. Taxes and other payables to state authorities	29.0	26.0	17.8	22.9	0.0
4. Payable to employees	30.4	15.5	16.0	15.8	0.0
5. Short-term acrrued expenses	0.4	0.2	0.2	0.2	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	3.5	4.7	6.2	3.0	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.5	0.8	0.1	0.5	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	0.3	0.3	0.3	0.3	0.4
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	0.3	0.3	0.3	0.3	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
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)	182.9	182.9	175.7	181.9	168.3
I. Owner's equity	182.9	182.9	175.7	181.9	0.0
1. Owner's capital	109.0	109.0	109.0	109.0	168.3
- Common stock with voting right	109.0	109.0	109.0	109.0	109.0
- 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	0.4	0.4	0.4	0.4	0.4
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	41.6	41.6	41.6	41.6	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	31.9	31.9	24.7	30.9	17.8
- Accumulated retained earning at the end of the previous period	—	1.5	-0.6	10.1	0.0
- Undistributed earnings in this period	31.9	30.3	25.3	20.8	17.8
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)	331.3	325.4	302.7	301.2	258.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	42.5	40.0	33.0	27.0	22.0
Depreciation of Fixed Assets and Investment Property	37.1	35.7	30.6	31.5	32.9
Provision (Increase)/Reversal	-0.1	0.3	1.9	0.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.0	-2.6	-5.2	-2.0	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	—	-0.1	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	78.4	73.4	60.3	56.7	52.8
Increase/(Decrease) in Receivables	-3.0	-0.5	-1.6	11.8	0.0
Increase/(Decrease) in Inventory	-4.5	6.2	-1.1	-3.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	6.2	14.8	2.6	16.6	0.0
Increase/(Decrease) in Prepaid Expenses	-1.1	-6.6	-0.4	12.9	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	-10.1	-9.3	-13.3	-3.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-11.7	-7.1	-6.4	-5.3	0.0
Net Cash Flow from Operating Activities	54.2	70.8	40.1	86.9	21.0
Payments for Fixed Assets and Other Long-term Assets	-60.6	-70.2	-45.1	-28.7	-16.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.9
Loans and Purchases of Debt Instruments	-40.0	-130.0	-140.0	-75.0	-10.0
Receipts from Loan Repayments and Sale of Debt Instruments	90.0	135.0	130.0	30.0	10.0
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	1.5	2.7	5.1	1.6	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	-9.2	-62.4	-49.9	-72.1	-14.3
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	—	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-20.4	-16.8	-14.6	-13.1	-12.5
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	-20.4	-16.8	-14.6	-13.1	-12.5
Net Cash Flow During the Period	24.6	-8.5	-24.5	1.6	32.7
Cash and Cash Equivalents at Beginning of Period	25.1	33.6	58.1	56.5	62.3
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	49.7	25.1	33.6	58.1	56.5

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	233.2	224.0	235.4	222.3	233.4	221.1	231.7	219.9	223.5	222.0	228.9	214.5
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	233.2	224.0	235.4	222.3	233.4	221.1	231.7	219.9	223.5	222.0	228.9	214.5
Cost of Goods Sold	157.9	156.8	154.3	147.5	155.2	151.5	158.4	151.3	142.3	156.4	155.5	152.7
Gross Profit	75.3	67.2	81.1	74.9	78.2	69.6	73.2	68.6	81.2	65.6	73.4	61.8
Financial Income	0.4	0.1	0.4	0.2	0.6	0.6	1.1	0.3	1.7	0.7	2.4	0.4
Financial Expenses	—	—	—	—	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
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	38.9	39.7	50.5	35.4	43.5	42.8	45.8	35.6	44.8	41.0	44.9	34.7
General and Administrative Expenses	26.0	22.3	19.4	24.6	25.5	16.8	17.9	24.4	30.1	18.1	20.3	20.0
Operating Profit	10.8	5.3	11.6	14.9	9.8	10.6	10.6	8.8	7.9	7.2	10.6	7.5
Other Income	0.0	0.0	0.0	0.0	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.1	0.1	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.2
Other Profit	-0.0	-0.1	-0.0	0.0	0.1	0.1	0.0	-0.0	0.0	0.0	0.0	-0.2
Profit Before Tax	10.8	5.2	11.6	15.0	9.9	10.7	10.6	8.8	7.9	7.2	10.6	7.3
Current Income Tax Expense	2.3	2.1	3.3	2.2	3.0	2.2	3.5	0.8	2.2	1.4	3.2	1.5
Deferred Income Tax Expense	0.7	0.0	-0.9	0.9	-0.0	0.5	-1.3	1.1	0.1	0.0	-0.8	0.0
Net Income	7.8	3.1	9.1	11.9	6.9	8.1	8.4	7.0	5.5	5.7	8.2	5.9
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	7.8	3.1	9.1	11.9	6.9	8.1	8.4	7.0	5.5	5.7	8.2	5.9
Earnings per Share	712.70	284.87	837.99	1,087.34	635.23	740.49	772.09	641.18	509.02	525.02	751.07	538.47
Diluted EPS	712.70	284.87	837.99	1,087.34	635.23	740.49	772.09	641.18	509.02	525.02	751.07	538.47

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)	110.3	117.1	127.2	122.1	123.7	134.1	149.3	146.7	141.8	148.3	173.6	148.3
I. Cash and cash equivalents	49.7	42.7	54.3	36.2	25.1	19.5	17.4	30.5	33.6	27.9	37.8	22.5
1. Cash	44.7	37.7	49.3	36.2	20.1	19.5	17.4	30.5	33.6	27.9	27.8	17.5
2. Cash equivalents	5.0	5.0	5.0	—	5.0	0.0	0.0	0.0	0.0	0.0	10.0	5.0
II. Short-term financial investments	10.0	15.0	15.0	25.0	60.0	65.0	80.0	65.0	65.0	65.0	75.0	75.0
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	10.0	15.0	15.0	25.0	60.0	65.0	80.0	65.0	65.0	65.0	75.0	75.0
III. Short-term receivables	12.2	23.6	22.7	26.9	11.7	23.1	24.7	24.5	12.6	32.9	34.7	22.3
1. Short-term trade accounts receivable	14.0	22.5	22.7	23.8	12.3	21.0	23.4	23.3	13.2	29.9	29.1	20.7
2. Short-term prepayments to suppliers	0.4	2.6	1.2	4.2	0.4	3.0	2.2	2.5	0.3	1.7	3.5	0.8
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	0.3	0.9	1.2	1.3	1.3	1.2	1.2	0.8	1.1	1.7	2.3	1.1
7. Provision for short-term doubtful debts (*)	-2.4	-2.4	-2.4	-2.4	-2.4	-2.1	-2.1	-2.1	-2.1	-0.2	-0.2	-0.2
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	28.2	34.7	31.8	33.5	23.7	25.0	26.4	26.0	27.9	21.8	25.5	27.9
1. Inventories	28.2	34.7	31.8	33.5	23.7	25.0	26.4	26.0	27.9	21.8	25.5	27.9
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	10.1	1.1	3.4	0.5	3.2	1.5	0.8	0.8	2.7	0.6	0.6	0.6
1. Short-term prepayments	5.7	1.1	3.4	0.5	0.8	1.5	0.8	0.5	0.8	0.6	0.5	0.6
2. Value added tax to be reclaimed	—	—	—	—	2.4	0.0	0.0	0.0	1.9	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	4.4	—	—	—	0.0	0.0	0.0	0.2	0.0	0.0	0.1	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)	221.3	194.1	194.7	193.7	199.8	169.3	160.9	155.8	161.2	144.7	137.4	139.9
I. Long-term receivables	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. Long-term trade receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	204.9	180.8	183.6	182.4	180.2	156.9	146.8	147.4	146.2	137.9	130.4	134.7
1. Tangible fixed assets	199.3	180.0	183.0	181.5	179.2	155.7	145.4	146.2	144.6	136.2	128.8	132.7
- Cost	—	—	—	—	557.1	532.2	513.1	505.6	495.7	489.1	473.1	469.9
- Accumulated depreciation	—	—	—	—	-377.9	-376.6	-367.8	-359.4	-351.1	-352.9	-344.3	-337.2
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	5.6	0.8	0.7	0.9	1.1	1.3	1.5	1.2	1.6	1.7	1.6	2.0
- 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	8.2	4.9	2.4	1.8	9.3	3.2	7.7	1.8	8.9	0.8	1.7	1.2
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	8.2	4.9	2.4	1.8	9.3	3.2	7.7	1.8	8.9	0.8	1.7	1.2
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	8.2	8.3	8.6	9.5	10.2	9.2	6.3	6.5	6.1	6.0	5.2	3.9
1. Long-term prepayments	5.1	4.5	4.8	6.6	5.9	4.9	1.5	3.1	1.7	1.5	0.6	0.2
2. Deferred income tax assets	3.1	3.8	3.8	2.9	4.3	4.3	4.7	3.4	4.4	4.5	4.5	3.7
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)	331.6	311.2	321.9	315.8	323.5	303.4	310.1	302.5	303.0	293.0	311.0	288.2
A. LIABILITIES (300=210+330)	148.7	136.1	149.8	121.1	142.1	128.9	143.7	119.8	126.9	112.1	135.8	100.4
I. Short -term liabilities	148.4	135.8	149.5	120.8	141.7	128.6	143.4	119.5	126.5	111.8	135.5	100.1
1. Short-term trade accounts payable	83.4	70.0	69.1	71.1	94.0	73.8	74.2	72.2	88.4	59.1	71.0	61.9
2. Short-term advances from customers	0.9	0.8	1.1	0.9	1.1	0.9	0.9	0.9	0.6	0.8	0.8	0.7
3. Taxes and other payables to state authorities	28.9	32.3	33.4	33.5	26.0	25.7	27.8	29.2	17.8	20.2	25.4	25.1
4. Payable to employees	30.4	19.5	13.0	11.2	15.5	18.8	12.7	10.8	16.0	15.2	14.5	8.9
5. Short-term acrrued expenses	0.9	0.2	—	0.1	0.2	0.1	0.0	0.0	0.2	9.4	0.8	0.1
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	3.5	6.8	23.9	3.5	4.7	3.8	20.6	6.3	3.5	4.3	18.6	3.1
10. Short-term borrowings and financial leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.5	6.1	9.1	0.5	0.3	5.5	7.1	0.0	0.1	2.8	4.5	0.2
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	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
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	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
8. Long-term borrowings and financial leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	182.9	175.1	172.0	194.7	181.4	174.5	166.4	182.7	176.1	180.9	175.2	187.8
I. Owner's equity	182.9	175.1	172.0	194.7	181.4	174.5	166.4	182.7	176.1	180.9	175.2	187.8
1. Owner's capital	109.0	109.0	109.0	109.0	109.0	109.0	109.0	109.0	109.0	109.0	109.0	109.0
- Common stock with voting right	109.0	109.0	109.0	109.0	109.0	109.0	109.0	109.0	109.0	109.0	109.0	109.0
- 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	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
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	41.6	41.6	41.6	41.6	41.6	41.6	41.6	41.6	41.6	41.6	41.6	41.6
9. Fund to support corporate restructuring	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	31.9	24.1	21.0	43.7	30.4	23.5	15.4	31.7	25.1	29.9	24.2	36.7
- Accumulated retained earning at the end of the previous period	—	—	—	31.9	0.0	0.0	0.0	24.7	-0.3	10.1	10.1	30.9
- Undistributed earnings in this period	31.9	24.1	21.0	11.9	30.4	23.5	15.4	7.0	25.3	19.8	14.1	5.9
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)	331.6	311.2	321.9	315.8	323.5	303.4	310.1	302.5	303.0	293.0	311.0	288.2

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	10.8	5.2	11.6	15.0	9.9	10.7	10.6	8.8	7.9	7.2	10.6	7.3
Depreciation of Fixed Assets and Investment Property	8.9	9.0	9.5	9.6	1.6	9.0	8.7	8.7	6.6	9.0	7.5	7.5
Provision (Increase)/Reversal	-0.1	—	—	—	0.3	0.0	-0.0	0.0	1.9	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
Gain/Loss from Investment Activities	-0.4	-0.1	-0.4	-0.2	-0.4	-0.6	-1.1	-0.3	-1.7	-0.7	-2.4	-0.4
Interest Expense	—	—	—	—	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
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	19.2	14.1	20.7	24.4	11.3	19.1	18.2	17.2	14.7	15.5	15.6	14.5
Increase/(Decrease) in Receivables	6.9	-0.9	3.8	-12.8	9.7	4.9	0.7	-10.5	16.8	2.0	-12.6	-7.7
Increase/(Decrease) in Inventory	6.4	-2.8	1.7	-9.8	1.2	1.4	1.5	0.3	-6.3	3.7	2.4	-0.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	20.1	8.6	-1.5	-20.9	18.5	3.9	-8.0	0.5	10.5	-9.7	15.9	-14.1
Increase/(Decrease) in Prepaid Expenses	-4.6	2.6	-1.1	2.0	-0.4	-4.1	1.4	-1.5	0.9	-0.9	-0.4	-0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-1.6	-4.0	-2.2	-2.4	-4.0	-1.3	-4.0	0.0	-1.5	-3.2	-8.6	0.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-5.7	-3.0	-2.7	-0.3	-5.8	-1.1	-0.7	0.0	-3.6	-0.8	-2.0	0.0
Net Cash Flow from Operating Activities	40.8	14.5	18.7	-19.7	30.6	22.9	9.2	6.2	31.6	6.5	10.3	-8.3
Payments for Fixed Assets and Other Long-term Assets	-36.2	-8.7	-11.4	-4.3	-30.8	-19.3	-8.5	-9.5	-27.6	-13.0	3.3	-7.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-15.0	-0.0	-15.0	-10.0	-65.0	5.0	-40.0	-30.0	-75.0	10.0	-35.0	-40.0
Receipts from Loan Repayments and Sale of Debt Instruments	20.0	0.0	25.0	45.0	70.0	0.0	35.0	30.0	75.0	0.0	35.0	20.0
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	0.4	0.1	0.8	0.2	0.6	0.4	1.3	0.3	1.6	1.4	1.7	0.4
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	-30.8	-8.7	-0.6	30.9	-25.2	-13.9	-12.2	-9.3	-26.0	-1.6	5.0	-27.3
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-3.0	-17.4	-0.0	-0.0	0.2	-16.8	-0.0	0.0	0.1	-14.7	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	-3.0	-17.4	-0.0	-0.0	0.2	-16.8	-0.0	0.0	0.1	-14.7	0.0	0.0
Net Cash Flow During the Period	7.0	-11.6	18.1	11.1	5.6	-7.9	-3.1	-3.1	5.7	-9.9	15.3	-35.6
Cash and Cash Equivalents at Beginning of Period	42.7	54.3	36.2	25.1	33.6	33.6	33.6	33.6	58.1	58.1	58.1	58.1
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	49.7	42.7	54.3	36.2	25.1	19.5	27.4	30.5	33.6	27.9	37.8	22.5

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What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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