NCT

Listed Company · HOSE

Price

90,900

Latest close

03 Apr 2026

P/E 5.1x

EPS (TTM) 17,857

ROE (TTM) 61.1%

P/B 3.3x

BVPS (Latest) 27,143

ROA (TTM) 45.3%

What Is Changing

NCT no longer looks like a business simply rebounding from a weak base. Revenue posted +31.6% YoY, while net margin reached 31.93% with an additional +3.0pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income reached a multi-period high at VND 386.9bn in 2025.
Revenue increased 31.6% YoY to VND 1,211.8bn in 2025.
Net margin improved from 28.94% in the prior period to 31.93% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	1,211.8	920.6	701.8	735.9	742.2
Growth	+32%	+31%	-5%	-1%	—
Net Income	386.9	266.4	216.8	237.2	224.0
Net Margin	31.93%	28.94%	30.89%	32.23%	30.18%

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	372.6	317.6	280.4	241.2	277.5	238.6	218.7	185.8	205.8	190.3	155.7	150.0
Growth	+17%	+13%	+16%	-13%	+16%	+9%	+18%	-10%	+8%	+22%	+4%	—
Net Income	123.3	114.3	85.4	64.4	77.2	75.5	64.0	49.9	54.3	65.4	50.9	45.2
Net Margin	33.10%	36.00%	30.45%	26.71%	27.83%	31.63%	29.26%	26.83%	26.38%	34.40%	32.68%	30.14%

Financial Statements

Profitability

Net margin reached 31.93% while Revenue posted +31.6% YoY.

Balance Sheet

Inventory stood at 2.6bn, liabilities at 259.6bn, and equity at 709.6bn.

Cash Flow

Operating cash flow was 414.0bn in 2025, while investing cash flow was -233.6bn.

Financing cash flow: -209.1bn.

Item	2025	2024	2023	2022	2021
Revenue	1,211.8	920.6	701.8	735.9	742.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,211.8	920.6	701.8	735.9	742.2
Cost of Goods Sold	647.9	506.4	362.8	377.2	0.0
Gross Profit	564.0	414.2	339.0	358.7	347.2
Financial Income	49.3	28.9	22.1	17.7	8.9
Financial Expenses	0.1	0.2	0.1	0.0	-0.2
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	26.6	20.9	11.9	10.3	-8.4
General and Administrative Expenses	109.7	91.2	75.8	69.3	-66.4
Operating Profit	476.8	330.9	273.4	296.7	281.1
Other Income	2.1	0.1	0.2	0.4	0.0
Other Expenses	0.2	0.3	0.3	0.1	0.0
Other Profit	2.0	-0.2	-0.1	0.3	-0.1
Profit Before Tax	478.8	330.7	273.3	297.0	281.0
Current Income Tax Expense	94.0	64.1	56.5	59.8	-57.0
Deferred Income Tax Expense	-2.0	0.1	0.0	-0.0	0.0
Net Income	386.9	266.4	216.8	237.2	224.0
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	386.9	266.4	216.8	237.2	224.0
Earnings per Share	13,524.00	9,175.00	7,877.00	8,646.00	8,340.00
Diluted EPS	14,785.42	10,182.37	8,285.11	9,064.33	8,560.02

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	747.6	518.8	388.0	316.8	387.8
I. Cash and cash equivalents	105.2	134.2	46.8	41.5	59.9
1. Cash	35.2	24.2	36.8	31.5	0.0
2. Cash equivalents	70.0	110.0	10.0	10.0	0.0
II. Short-term financial investments	530.3	306.3	260.3	190.7	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	530.3	306.3	260.3	190.7	0.0
III. Short-term receivables	109.1	74.8	66.4	70.0	81.6
1. Short-term trade accounts receivable	86.2	70.2	63.3	63.5	0.0
2. Short-term prepayments to suppliers	19.4	1.2	0.1	3.7	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	4.3	3.8	3.0	3.6	0.0
7. Provision for short-term doubtful debts (*)	-0.8	-0.4	0.0	-0.9	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	2.6	3.2	2.7	3.1	3.5
1. Inventories	2.6	3.2	2.7	3.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.4	0.4	11.9	11.6	12.0
1. Short-term prepayments	0.4	0.4	11.0	11.2	0.0
2. Value added tax to be reclaimed	—	0.0	0.9	0.3	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	221.7	222.1	166.7	183.7	166.2
I. Long-term receivables	1.2	1.1	0.9	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	1.2	1.1	0.9	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	93.1	91.2	97.0	114.3	94.5
1. Tangible fixed assets	86.4	81.6	89.1	106.7	92.4
- Cost	382.5	374.1	354.2	361.3	0.0
- Accumulated depreciation	-296.1	-292.5	-265.1	-254.6	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	6.8	9.5	7.9	7.6	2.1
- Cost	24.2	24.2	20.4	18.1	0.0
- Accumulated depreciation	-17.5	-14.7	-12.5	-10.5	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	17.7	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	17.7	0.0	0.0	0.0	0.0
V. Long-term financial investments	65.0	65.0	65.0	65.0	65.0
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	65.0	65.0	65.0	65.0	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	44.7	64.8	3.7	4.4	0.0
1. Long-term prepayments	42.8	64.8	3.7	4.4	0.0
2. Deferred income tax assets	1.9	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	6.7
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)	969.3	740.9	554.6	500.6	554.0
A. LIABILITIES (300=210+330)	259.6	182.5	121.2	68.3	96.7
I. Short -term liabilities	243.6	168.4	110.0	59.2	87.8
1. Short-term trade accounts payable	59.6	28.5	27.9	6.3	9.5
2. Short-term advances from customers	1.7	0.8	0.0	0.0	0.0
3. Taxes and other payables to state authorities	58.4	35.6	33.6	18.2	0.0
4. Payable to employees	108.6	87.7	40.3	30.5	0.0
5. Short-term acrrued expenses	10.9	6.9	1.4	0.3	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	4.2	3.5	3.2	2.6	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	0.1	5.4	3.7	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	16.0	14.1	11.2	9.1	8.8
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	16.0	13.9	11.2	9.1	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	—	0.1	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)	709.6	558.4	433.4	432.3	457.4
I. Owner's equity	709.6	558.4	433.4	432.3	0.0
1. Owner's capital	261.7	261.7	261.7	261.7	457.4
- Common stock with voting right	261.7	261.7	261.7	261.7	261.7
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	0.0	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	0.0
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	447.9	296.7	171.7	170.6	195.7
- Accumulated retained earning at the end of the previous period	61.1	30.2	33.4	25.0	24.4
- Undistributed earnings in this period	386.9	266.4	138.3	145.6	171.3
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)	969.3	740.9	554.6	500.6	554.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	478.8	330.7	273.3	297.0	281.0
Depreciation of Fixed Assets and Investment Property	32.3	29.6	30.6	27.7	26.3
Provision (Increase)/Reversal	0.3	0.4	-0.9	0.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	-0.7	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-50.3	-27.9	-22.0	-17.3	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	461.2	332.1	281.1	307.7	299.1
Increase/(Decrease) in Receivables	-34.3	-7.3	6.3	5.0	0.0
Increase/(Decrease) in Inventory	0.6	-0.5	0.4	0.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	69.0	52.8	27.5	-28.2	0.0
Increase/(Decrease) in Prepaid Expenses	22.1	-50.5	1.0	2.7	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	-73.0	-62.4	-41.0	-56.8	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-31.6	-8.9	-4.0	-9.0	0.0
Net Cash Flow from Operating Activities	414.0	255.3	271.3	221.7	219.9
Payments for Fixed Assets and Other Long-term Assets	-59.6	-18.8	-9.7	-39.3	-25.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.0	0.0	0.2	0.0	0.0
Loans and Purchases of Debt Instruments	-1,078.7	-551.3	-554.6	-452.5	-290.9
Receipts from Loan Repayments and Sale of Debt Instruments	854.8	505.2	485.0	492.7	261.7
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	47.9	27.2	22.2	15.3	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	-233.6	-37.7	-56.9	16.3	-45.3
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	-209.1	-130.9	-209.1	-256.4	-169.9
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	-209.1	-130.9	-209.1	-256.4	-169.9
Net Cash Flow During the Period	-28.8	86.7	5.3	-18.4	-107.1
Cash and Cash Equivalents at Beginning of Period	134.2	46.8	41.5	59.9	55.2
FX Difference from Revaluation	-0.0	0.6	0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	105.4	134.2	46.8	41.5	59.9

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
Revenue	372.6	317.6	280.4	241.2	277.5	238.6	218.7	185.8	205.8	190.3	155.7	150.0
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	372.6	317.6	280.4	241.2	277.5	238.6	218.7	185.8	205.8	190.3	155.7	150.0
Cost of Goods Sold	186.0	183.4	145.2	132.7	155.8	134.1	117.2	101.6	110.5	91.3	76.6	85.0
Gross Profit	186.5	134.2	135.2	108.5	121.8	104.5	101.5	84.2	95.3	99.0	79.2	64.9
Financial Income	9.4	31.9	5.1	3.3	3.3	19.5	3.1	3.1	3.5	4.8	5.3	8.4
Financial Expenses	0.1	0.0	0.0	0.0	0.0	0.1	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	9.9	5.2	6.3	5.2	8.0	4.9	4.2	4.0	3.7	2.8	1.7	1.0
General and Administrative Expenses	30.5	26.8	27.0	25.9	20.2	28.3	19.9	20.5	24.8	19.1	18.6	16.6
Operating Profit	155.5	134.1	106.9	80.7	96.9	90.7	80.5	62.8	70.2	82.0	64.2	55.7
Other Income	0.0	2.1	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.2	0.0	0.0
Other Expenses	0.1	0.0	0.0	0.0	0.0	0.3	0.0	0.0	0.3	0.0	0.0	0.0
Other Profit	-0.1	2.1	-0.0	0.0	0.1	-0.3	-0.0	0.0	-0.3	0.2	-0.0	0.0
Profit Before Tax	155.4	136.2	106.9	80.7	97.0	90.5	80.5	62.8	70.0	82.2	64.2	55.7
Current Income Tax Expense	34.0	21.9	21.6	16.3	19.8	14.9	16.4	12.9	15.7	16.7	13.3	10.5
Deferred Income Tax Expense	-1.9	-0.1	-0.0	0.0	-0.0	0.1	0.0	0.0	-0.0	0.0	0.0	0.0
Net Income	123.3	114.3	85.4	64.4	77.2	75.5	64.0	49.9	54.3	65.4	50.9	45.2
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	123.3	114.3	85.4	64.4	77.2	75.5	64.0	49.9	54.3	65.4	50.9	45.2
Earnings per Share	7,762.00	4,370.00	3,263.00	2,462.00	1,944.00	1,952.00	1,952.00	2,399.00	1,673.00	2,501.00	1,945.00	1,728.00
Diluted EPS	4,713.46	4,369.79	3,263.21	2,461.94	2,951.71	2,883.98	2,445.69	1,905.29	2,074.52	2,500.97	1,945.16	1,727.49

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)	750.7	827.0	635.0	520.8	519.2	416.0	502.4	405.0	387.0	375.7	416.8	349.0
I. Cash and cash equivalents	105.3	126.2	133.0	121.8	134.1	47.6	174.7	65.1	46.8	28.5	40.1	15.1
1. Cash	35.3	76.2	33.0	121.8	24.1	37.6	69.4	65.1	36.8	28.5	40.1	15.1
2. Cash equivalents	70.0	50.0	100.0	—	110.0	10.0	105.3	0.0	10.0	0.0	0.0	0.0
II. Short-term financial investments	530.3	596.7	415.8	317.5	306.3	295.2	247.6	268.2	260.3	269.0	294.3	258.0
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	530.3	596.7	415.8	317.5	306.3	295.2	247.6	268.2	260.3	269.0	294.3	258.0
III. Short-term receivables	109.4	98.1	80.6	72.3	75.2	65.8	73.0	58.7	65.9	70.2	66.6	63.3
1. Short-term trade accounts receivable	86.3	74.7	69.7	59.4	70.2	60.7	66.1	55.1	63.3	66.5	58.6	54.4
2. Short-term prepayments to suppliers	19.4	17.6	8.0	10.2	1.2	2.8	3.9	1.2	0.1	0.3	1.7	1.7
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	4.5	6.5	3.6	3.2	3.8	2.2	3.0	2.4	3.0	4.1	6.8	8.1
7. Provision for short-term doubtful debts (*)	-0.8	-0.8	-0.7	-0.5	0.0	0.0	0.0	0.0	-0.5	-0.7	-0.6	-0.9
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	2.6	3.0	2.7	3.0	3.2	2.8	4.2	2.9	2.2	2.4	2.4	3.0
1. Inventories	2.6	3.0	2.7	3.0	3.2	2.8	4.2	2.9	2.2	2.4	2.4	3.0
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	3.2	3.1	3.0	6.1	0.4	4.5	2.8	10.1	11.9	5.7	13.5	9.6
1. Short-term prepayments	3.2	3.1	3.0	6.1	0.4	2.7	2.8	10.1	11.0	5.7	13.5	9.6
2. Value added tax to be reclaimed	—	—	—	—	0.0	1.8	0.0	0.0	0.9	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	218.8	206.5	205.7	211.8	222.1	225.6	161.3	165.7	164.2	167.7	173.6	181.2
I. Long-term receivables	1.2	1.2	1.2	1.2	1.1	0.9	0.8	0.9	0.9	0.4	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	1.2	1.2	1.2	1.2	1.1	0.9	0.8	0.9	0.9	0.4	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	93.1	95.3	88.1	88.3	91.2	90.7	93.9	97.7	94.5	100.4	106.2	113.6
1. Tangible fixed assets	86.4	87.9	80.0	79.5	81.6	84.5	87.1	90.4	86.6	91.9	99.6	106.5
- Cost	—	—	—	—	374.1	369.9	365.6	362.1	354.2	352.1	370.1	369.0
- Accumulated depreciation	—	—	—	—	-292.5	-285.5	-278.6	-271.8	-267.6	-260.1	-270.5	-262.5
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	6.8	7.4	8.1	8.8	9.5	6.2	6.8	7.3	7.9	8.5	6.5	7.1
- 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	17.7	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	17.7	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	65.0	65.0	65.0	65.0	65.0	65.0	65.0	65.0	65.0	65.0	65.0	65.0
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	65.0	65.0	65.0	65.0	65.0	65.0	65.0	65.0	65.0	65.0	65.0	65.0
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	41.8	45.0	51.4	57.3	64.8	68.9	1.6	2.1	3.7	1.8	2.4	2.5
1. Long-term prepayments	39.9	45.0	51.4	57.3	64.8	68.9	1.6	2.1	3.7	1.8	2.4	2.5
2. Deferred income tax assets	1.9	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	969.6	1,033.5	840.6	732.6	741.3	641.6	663.6	570.7	551.1	543.4	590.4	530.1
A. LIABILITIES (300=210+330)	259.3	237.3	158.7	109.8	182.8	160.3	127.0	87.4	118.7	86.7	68.3	52.6
I. Short -term liabilities	243.3	221.5	143.3	95.6	168.7	147.4	114.2	75.3	107.5	77.1	58.8	43.4
1. Short-term trade accounts payable	59.6	27.8	14.7	15.8	29.0	19.9	15.6	20.7	27.9	12.1	8.5	7.2
2. Short-term advances from customers	1.7	0.3	0.4	0.2	0.4	0.4	0.3	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	58.2	46.0	23.9	21.0	35.5	14.7	15.5	13.7	33.3	18.9	14.6	12.9
4. Payable to employees	108.6	81.3	45.4	24.5	87.7	54.4	34.0	19.0	38.1	21.7	19.5	17.0
5. Short-term acrrued expenses	10.7	36.4	28.9	28.8	7.2	42.0	29.4	14.7	1.4	17.4	8.2	3.4
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	4.4	14.0	4.0	3.3	3.5	8.2	9.7	6.9	3.2	3.0	3.3	2.9
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	0.1	15.5	26.0	2.0	5.4	7.9	9.6	0.4	3.7	4.1	4.7	0.0
13. Price stabilization fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	16.0	15.8	15.4	14.2	14.1	12.9	12.8	12.1	11.2	9.6	9.5	9.2
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	16.0	15.7	15.3	14.1	13.9	12.8	12.7	12.1	11.2	9.6	9.5	9.2
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	—	0.1	0.1	0.1	0.1	0.2	0.1	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)	710.2	796.2	681.9	622.8	558.5	481.2	536.6	483.3	432.4	456.6	522.0	477.5
I. Owner's equity	710.2	796.2	681.9	622.8	558.5	481.2	536.6	483.3	432.4	456.6	522.0	477.5
1. Owner's capital	261.7	261.7	261.7	261.7	261.7	261.7	261.7	261.7	261.7	261.7	261.7	261.7
- Common stock with voting right	261.7	261.7	261.7	261.7	261.7	261.7	261.7	261.7	261.7	261.7	261.7	261.7
- 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	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	-0.0	-0.0	-0.0	-0.0
6. Assets revaluation differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	448.5	534.5	420.2	361.1	296.8	219.6	274.9	221.6	170.7	195.0	260.3	215.8
- Accumulated retained earning at the end of the previous period	61.1	270.4	270.4	296.7	30.2	30.2	161.1	171.7	33.4	33.4	164.2	170.6
- Undistributed earnings in this period	387.5	264.2	149.8	64.4	266.6	189.3	113.9	49.9	137.3	161.5	96.1	45.2
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)	969.6	1,033.5	840.6	732.6	741.3	641.6	663.6	570.7	551.1	543.4	590.4	530.1

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
Profit Before Tax	154.9	136.2	106.9	80.7	97.0	90.5	80.5	62.8	71.3	82.2	64.2	55.7
Depreciation of Fixed Assets and Investment Property	8.3	8.2	7.9	7.9	7.5	7.4	7.3	7.3	5.5	8.2	8.5	8.4
Provision (Increase)/Reversal	0.0	0.0	0.3	0.0	0.0	0.0	0.0	0.0	-0.7	0.2	-0.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.3	0.3	0.2	-0.7	0.1	-0.5	-0.2	-0.1	0.1	-0.1	-0.0	0.0
Gain/Loss from Investment Activities	-10.9	-31.8	-4.4	-3.2	-3.3	-18.9	-2.8	-2.9	-3.6	-4.7	-5.2	-8.4
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	152.6	112.9	110.9	84.8	101.4	78.4	84.8	67.0	72.6	85.8	67.0	55.7
Increase/(Decrease) in Receivables	-12.3	-15.5	-7.8	1.3	-11.4	1.7	-10.4	7.8	-1.8	3.1	-5.4	10.5
Increase/(Decrease) in Inventory	0.5	-0.4	0.4	0.1	-0.3	1.4	-1.3	-0.2	-0.3	0.0	0.6	0.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	11.0	77.9	23.0	-42.9	3.6	33.7	28.0	-8.7	23.6	3.0	8.1	-7.2
Increase/(Decrease) in Prepaid Expenses	5.0	6.3	9.0	1.7	6.5	-67.2	7.7	2.5	-7.2	8.3	-3.7	3.6
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	-21.6	0.0	-17.0	-34.5	0.0	-13.7	-15.9	-32.8	0.0	-13.2	-10.6	-17.3
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-15.4	-10.5	-2.3	-3.4	-1.0	-1.7	-1.4	-3.3	-0.4	-0.6	-1.3	-1.7
Net Cash Flow from Operating Activities	119.8	170.8	116.3	7.1	98.8	32.5	91.5	32.4	86.4	86.4	54.7	43.8
Payments for Fixed Assets and Other Long-term Assets	-9.8	-26.2	-10.4	-13.2	-2.7	-1.2	-5.1	-9.7	-2.9	0.0	-1.2	-5.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.0	—	—	—	0.0	0.0	0.0	0.0	0.2	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-397.0	-240.9	-232.1	-208.8	-106.4	-197.6	-97.3	-149.9	-108.3	-152.0	-72.0	-222.3
Receipts from Loan Repayments and Sale of Debt Instruments	463.4	60.0	133.8	197.6	95.3	149.9	118.0	142.0	117.0	177.3	35.7	155.0
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	10.2	29.8	3.7	4.3	1.6	19.6	2.4	3.6	4.5	7.3	7.7	2.7
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	68.8	-177.3	-104.9	-20.2	-12.2	-29.3	17.9	-14.1	10.5	32.6	-29.8	-70.2
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	-209.1	—	—	—	0.0	-130.7	0.0	-0.2	-78.4	-130.7	-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	-209.1	—	—	—	0.0	-130.7	0.0	-0.2	-78.4	-130.7	-0.0	-0.0
Net Cash Flow During the Period	-20.6	-6.5	11.4	-13.1	86.5	-127.5	109.4	18.2	18.4	-11.7	24.9	-26.4
Cash and Cash Equivalents at Beginning of Period	126.2	133.0	121.8	134.2	46.8	46.8	46.8	46.8	41.5	41.5	41.5	41.5
FX Difference from Revaluation	-0.0	0.2	0.5	0.7	0.0	0.3	0.2	0.1	-0.1	0.1	0.0	-0.0
Cash and Cash Equivalents at End of Period	105.4	126.2	133.0	121.8	134.1	47.6	174.7	65.1	46.8	28.5	40.1	15.1

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What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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