NQN

Listed Company · UPCOM

Price

13,500

Latest close

02 Apr 2026

P/E 10.4x

EPS (TTM) 1,301

ROE (TTM) 9.9%

P/B 1.0x

BVPS (Latest) 13,283

ROA (TTM) 5.6%

What Is Changing

NQN no longer looks like a business simply rebounding from a weak base. Revenue posted +7.1% YoY, while net margin reached 7.49% with an additional +0.5pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from 6.76% in 2023 to 7.49% in 2025.
Revenue growth accelerated to 7.1% in 2025, up 3.3pp versus the prior year.
Net Income reached a multi-period high at VND 65.0bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	868.6	810.8	780.7	654.0	612.3
Growth	+7%	+4%	+19%	+7%	—
Net Income	65.0	56.8	52.8	44.5	41.4
Net Margin	7.49%	7.01%	6.76%	6.80%	6.76%

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	221.5	236.0	223.8	187.3	212.1	213.6	208.2	176.8	198.3	209.5	200.7	172.2
Growth	-6%	+5%	+19%	-12%	-1%	+3%	+18%	-11%	-5%	+4%	+17%	—
Net Income	19.3	14.7	18.0	14.2	11.8	12.7	17.9	13.5	12.5	9.6	17.9	12.6
Net Margin	8.71%	6.23%	8.02%	7.57%	5.58%	5.97%	8.60%	7.63%	6.30%	4.60%	8.91%	7.30%

Financial Statements

Profitability

Net margin reached 7.49% while Revenue posted +7.1% YoY.

Balance Sheet

Inventory stood at 32.5bn, liabilities at 557.2bn, and equity at 674.2bn.

Cash Flow

Operating cash flow was 258.7bn in 2025, while investing cash flow was -348.0bn.

Financing cash flow: 31.6bn.

Item	2025	2024	2023	2022	2021
Revenue	868.6	810.8	780.7	654.0	612.3
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	868.6	810.8	780.7	654.0	612.3
Cost of Goods Sold	696.2	648.1	622.4	513.2	0.0
Gross Profit	172.4	162.7	158.3	140.8	128.5
Financial Income	1.5	1.1	0.3	0.1	0.0
Financial Expenses	20.0	20.2	27.5	28.2	-25.6
Interest Expense	20.0	20.2	27.5	28.2	-25.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	0.3	0.1	0.0	0.0	-0.2
General and Administrative Expenses	81.1	74.0	65.3	57.0	-50.5
Operating Profit	72.5	69.6	65.7	55.7	52.2
Other Income	10.4	2.6	0.3	1.4	0.0
Other Expenses	2.3	1.1	0.4	1.6	0.0
Other Profit	8.1	1.5	-0.1	-0.1	0.1
Profit Before Tax	80.6	71.1	65.6	55.6	52.3
Current Income Tax Expense	15.5	14.2	12.8	11.1	-10.9
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	65.0	56.8	52.8	44.5	41.4
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	65.0	56.8	52.8	44.5	41.4
Earnings per Share	1,279.00	1,118.00	1,083.00	875.00	814.12
Diluted EPS	1,279.12	1,117.68	1,037.99	875.32	814.12

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	157.5	154.5	101.5	79.4	49.9
I. Cash and cash equivalents	53.3	110.9	70.6	34.2	6.8
1. Cash	13.3	70.9	40.6	34.2	0.0
2. Cash equivalents	40.0	40.0	30.0	0.0	0.0
II. Short-term financial investments	—	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	66.1	14.3	6.0	19.5	10.0
1. Short-term trade accounts receivable	4.0	2.3	2.5	2.1	0.0
2. Short-term prepayments to suppliers	55.4	9.1	1.8	13.5	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	7.7	4.1	3.1	4.7	0.0
7. Provision for short-term doubtful debts (*)	-1.1	-1.1	-1.4	-0.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	32.5	26.9	24.7	25.0	22.9
1. Inventories	32.5	27.4	26.5	25.0	0.0
2. Provision for decline in value of inventories	—	-0.5	-1.8	0.0	0.0
V. Other short-term assets	5.5	2.4	0.2	0.7	10.2
1. Short-term prepayments	0.2	0.4	0.2	0.2	0.0
2. Value added tax to be reclaimed	5.2	2.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.5	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)	1,074.0	976.1	956.6	1,083.7	1,188.3
I. Long-term receivables	—	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
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	927.6	888.8	869.3	1,002.9	998.1
1. Tangible fixed assets	922.4	886.4	868.1	1,001.9	996.9
- Cost	3,197.9	2,972.6	2,756.0	2,652.9	0.0
- Accumulated depreciation	-2,275.5	-2,086.2	-1,887.9	-1,651.1	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	5.1	2.4	1.2	1.1	1.2
- Cost	13.1	9.5	7.2	6.6	0.0
- Accumulated depreciation	-8.0	-7.1	-6.0	-5.5	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	134.5	79.0	80.8	74.3	183.1
1. Long-term production in progress	61.5	61.5	61.5	61.5	0.0
2. Construction in progress	73.0	17.5	19.2	12.8	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	11.9	8.3	6.6	6.5	0.0
1. Long-term prepayments	11.9	8.3	6.6	6.5	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	7.1
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)	1,231.5	1,130.7	1,058.1	1,163.1	1,238.2
A. LIABILITIES (300=210+330)	557.2	473.1	417.9	544.5	635.3
I. Short -term liabilities	281.3	232.0	189.2	280.6	349.9
1. Short-term trade accounts payable	83.6	69.6	47.9	59.6	139.4
2. Short-term advances from customers	0.4	0.4	0.3	0.7	0.8
3. Taxes and other payables to state authorities	16.1	12.0	14.8	12.9	0.0
4. Payable to employees	81.5	61.9	42.5	69.0	0.0
5. Short-term acrrued expenses	3.1	3.6	3.6	1.6	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	4.7	2.6	1.3	2.0	0.0
10. Short-term borrowings and financial leases	74.1	61.3	59.8	113.6	94.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	17.6	20.6	19.0	21.1	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	275.9	241.1	228.6	263.9	285.4
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	5.6	4.1	2.8	2.3	0.0
8. Long-term borrowings and financial leases	270.4	237.0	225.8	261.6	283.6
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)	674.2	657.5	640.3	618.7	602.8
I. Owner's equity	674.2	657.5	640.3	618.7	0.0
1. Owner's capital	508.3	508.3	508.3	508.3	602.8
- Common stock with voting right	508.3	508.3	508.3	508.3	508.3
- 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	80.2	71.7	58.5	45.2	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	65.0	56.8	52.8	44.5	41.4
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	65.0	56.8	52.8	44.5	41.4
12. Reserves for investment in construction	20.7	20.7	20.7	20.7	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)	1,231.5	1,130.7	1,058.1	1,163.1	1,238.2

Item	2025	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	-12.9	-16.7	-12.5	-9.4	0.0
Other Operating Receipts	11.0	10.0	9.3	9.8	0.0
Other Operating Payments	-221.4	-183.9	-182.1	-145.7	0.0
Net Cash Flow from Operating Activities	258.7	268.3	264.6	249.2	193.0
Payments for Fixed Assets and Other Long-term Assets	-349.5	-227.1	-124.7	-206.3	-201.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	0.0	0.9	0.0
Loans and Purchases of Debt Instruments	—	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	1.6	0.8	0.3	0.1	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-348.0	-226.2	-124.4	-205.4	-201.2
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	115.5	78.0	79.0	236.4	198.0
Repayment of Borrowings	-69.3	-65.3	-168.6	-238.8	-174.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-14.6	-14.4	-14.2	-14.0	-13.4
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	31.6	-1.8	-103.8	-16.4	10.3
Net Cash Flow During the Period	-57.6	40.3	36.4	27.4	-9.4
Cash and Cash Equivalents at Beginning of Period	110.9	70.6	34.2	6.8	4.8
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	53.3	110.9	70.6	34.2	6.8

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
Revenue	221.5	236.0	223.8	187.3	212.1	213.6	208.2	176.8	198.3	209.5	200.7	172.2
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	221.5	236.0	223.8	187.3	212.1	213.6	208.2	176.8	198.3	209.5	200.7	172.2
Cost of Goods Sold	172.0	199.3	178.5	145.1	165.8	174.9	165.3	142.8	156.2	177.4	145.4	134.5
Gross Profit	49.5	36.7	45.3	42.2	46.4	38.8	42.9	34.0	42.1	32.1	55.3	37.7
Financial Income	0.4	0.4	0.6	0.2	0.7	0.2	0.2	0.1	0.2	0.1	0.0	0.0
Financial Expenses	5.1	5.0	4.9	5.0	4.9	4.8	5.0	5.5	6.1	6.4	7.1	7.9
Interest Expense	5.1	5.0	4.9	5.0	4.9	4.8	5.0	5.5	6.1	6.4	7.1	7.9
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	25.3	18.2	17.9	19.6	27.5	18.1	15.4	13.5	20.8	13.9	25.7	14.0
Operating Profit	19.3	13.8	22.9	17.8	14.6	16.1	22.6	15.2	15.4	11.8	22.5	15.8
Other Income	4.6	5.8	0.0	0.0	0.1	0.0	0.0	2.5	0.0	0.2	0.0	0.0
Other Expenses	0.7	1.2	0.4	0.1	0.2	0.2	0.2	0.6	0.3	0.0	0.2	0.0
Other Profit	3.9	4.6	-0.4	-0.1	-0.1	-0.1	-0.2	1.9	-0.2	0.2	-0.1	-0.0
Profit Before Tax	23.2	18.4	22.5	17.7	14.5	16.0	22.5	17.1	15.2	12.0	22.4	15.8
Current Income Tax Expense	3.9	3.7	4.6	3.6	2.6	3.2	4.6	3.6	2.7	2.4	4.5	3.2
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	19.3	14.7	18.0	14.2	11.8	12.7	17.9	13.5	12.5	9.6	17.9	12.6
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	19.3	14.7	18.0	14.2	11.8	12.7	17.9	13.5	12.5	9.6	17.9	12.6
Earnings per Share	379.66	289.36	353.21	278.91	232.76	250.72	352.43	265.49	245.94	189.47	351.69	247.41
Diluted EPS	379.66	289.36	353.21	278.91	232.76	250.72	352.43	265.49	245.94	189.47	351.69	247.41

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)	156.8	191.8	190.9	161.5	156.6	180.3	165.3	118.4	101.7	117.6	96.0	57.4
I. Cash and cash equivalents	53.3	79.4	114.3	84.7	111.0	119.2	100.1	64.5	70.6	82.4	55.5	12.8
1. Cash	13.3	39.4	94.3	44.7	70.9	59.1	60.1	44.5	40.6	62.4	55.5	12.8
2. Cash equivalents	40.0	40.0	20.0	40.0	40.1	60.1	40.1	20.0	30.0	20.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	65.8	78.5	45.8	41.1	16.2	23.1	30.0	26.9	6.2	7.8	8.5	18.8
1. Short-term trade accounts receivable	4.0	7.4	2.4	1.6	2.3	4.0	4.7	2.3	2.5	2.6	2.2	2.1
2. Short-term prepayments to suppliers	55.4	65.8	39.5	31.8	11.3	14.9	22.1	21.3	1.8	2.1	2.2	12.5
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	7.4	6.4	5.0	8.8	3.8	5.5	4.5	4.6	2.7	3.9	4.8	5.0
7. Provision for short-term doubtful debts (*)	-1.1	-1.1	-1.1	-1.1	-1.1	-1.3	-1.3	-1.4	-0.8	-0.8	-0.8	-0.8
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	32.1	32.5	27.7	31.4	27.0	36.9	33.0	26.8	24.7	26.2	29.4	22.5
1. Inventories	32.1	32.5	28.2	31.9	27.5	36.9	33.0	26.8	26.5	26.2	29.4	22.5
2. Provision for decline in value of inventories	—	—	-0.5	-0.5	-0.5	0.0	0.0	0.0	-1.8	0.0	0.0	0.0
V. Other short-term assets	5.5	1.4	3.0	4.2	2.4	1.2	2.2	0.2	0.2	1.2	2.6	3.3
1. Short-term prepayments	0.2	1.3	3.0	4.0	0.4	1.2	2.2	0.2	0.2	1.2	2.3	3.3
2. Value added tax to be reclaimed	5.2	—	—	0.2	2.0	0.0	0.0	0.0	0.0	0.0	0.3	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	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)	1,079.5	945.4	972.0	976.4	975.5	914.8	896.3	926.1	955.8	977.0	1,018.9	1,039.8
I. Long-term receivables	—	—	—	—	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
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	933.1	851.5	882.2	896.6	888.2	823.7	784.4	836.8	868.4	896.8	919.8	952.9
1. Tangible fixed assets	928.0	848.2	879.1	894.2	885.8	822.1	782.4	835.8	867.3	896.0	918.9	952.0
- Cost	—	—	—	—	2,972.6	2,871.3	2,774.3	2,765.1	2,756.0	2,725.1	2,675.8	2,655.6
- Accumulated depreciation	—	—	—	—	-2,086.8	-2,049.2	-1,991.9	-1,929.3	-1,888.8	-1,829.1	-1,756.9	-1,703.6
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	5.1	3.3	3.1	2.4	2.4	1.6	2.0	1.0	1.2	0.8	0.9	0.9
- 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	134.5	85.4	81.0	71.9	79.0	83.7	104.9	82.2	80.8	74.3	93.3	81.1
1. Long-term production in progress	61.5	61.5	61.5	61.5	61.5	61.5	61.5	61.5	61.5	61.5	61.5	61.5
2. Construction in progress	73.0	23.9	19.5	10.4	17.5	22.1	43.3	20.7	19.2	12.8	31.8	19.6
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	11.9	8.5	8.8	7.9	8.3	7.4	7.1	7.1	6.6	5.9	5.8	5.7
1. Long-term prepayments	11.9	8.5	8.8	7.9	8.3	7.4	7.1	7.1	6.6	5.9	5.8	5.7
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
TOTAL ASSETS (280=100+200)	1,236.3	1,137.2	1,162.8	1,137.8	1,132.1	1,095.2	1,061.6	1,044.5	1,057.5	1,094.6	1,114.9	1,097.1
A. LIABILITIES (300=210+330)	561.1	481.3	521.5	466.1	475.4	450.3	429.5	390.7	417.4	467.0	496.9	465.9
I. Short -term liabilities	285.2	222.3	264.8	203.1	233.8	213.1	197.9	155.2	189.2	223.1	260.4	210.7
1. Short-term trade accounts payable	83.2	45.2	62.3	70.2	71.8	49.5	25.3	29.4	47.9	58.0	53.3	43.4
2. Short-term advances from customers	0.4	0.4	6.7	0.6	0.4	0.3	0.3	0.4	0.3	1.1	1.2	1.4
3. Taxes and other payables to state authorities	15.9	16.3	17.0	16.4	11.0	17.7	16.5	12.8	14.4	16.1	19.3	16.3
4. Payable to employees	86.1	59.4	48.3	29.9	63.0	49.0	34.7	26.3	42.5	42.1	34.2	23.7
5. Short-term acrrued expenses	3.1	4.4	4.2	5.2	3.6	13.2	10.7	8.8	3.6	10.8	19.9	6.2
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	0.0	0.0	0.0
9. Other short-term payables	4.7	3.6	17.5	3.0	2.5	6.8	19.0	4.7	1.3	5.3	19.9	5.6
10. Short-term borrowings and financial leases	74.1	67.9	63.5	62.2	60.7	56.7	56.3	56.8	60.2	69.0	81.6	98.6
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	17.6	25.0	45.2	15.5	20.8	20.0	35.0	16.0	19.0	20.7	31.1	15.6
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	275.9	259.0	256.7	263.1	241.6	237.2	231.6	235.5	228.2	243.9	236.5	255.2
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	5.6	5.1	4.7	4.2	4.1	3.7	3.4	3.0	2.8	2.6	2.5	2.4
8. Long-term borrowings and financial leases	270.4	253.9	252.0	258.8	237.6	233.5	228.2	232.5	225.4	241.3	234.0	252.7
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)	675.2	655.9	641.4	671.7	656.7	644.8	632.1	653.8	640.1	627.6	618.0	631.2
I. Owner's equity	675.2	655.9	641.4	671.7	656.7	644.8	632.1	653.8	640.1	627.6	618.0	631.2
1. Owner's capital	508.3	508.3	508.3	508.3	508.3	508.3	508.3	508.3	508.3	508.3	508.3	508.3
- Common stock with voting right	508.3	508.3	508.3	508.3	508.3	508.3	508.3	508.3	508.3	508.3	508.3	508.3
- 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	80.2	80.2	80.2	71.7	71.7	71.7	71.7	58.5	58.5	58.5	58.5	45.2
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	65.9	46.6	32.1	71.0	56.0	44.1	31.4	66.3	52.6	40.1	30.5	57.1
- Accumulated retained earning at the end of the previous period	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	65.9	46.6	32.1	71.0	56.0	44.1	31.4	66.3	52.6	40.1	30.5	57.1
12. Reserves for investment in construction	20.7	20.7	20.7	20.7	20.7	20.7	20.7	20.7	20.7	20.7	20.7	20.7
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)	1,236.3	1,137.2	1,162.8	1,137.8	1,132.1	1,095.2	1,061.6	1,044.5	1,057.5	1,094.6	1,114.9	1,097.1

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	—	—	—	—	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
Provision (Increase)/Reversal	—	—	—	—	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
Gain/Loss from Investment Activities	—	—	—	—	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
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	—	—	—	—	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
Increase/(Decrease) in Inventory	—	—	—	—	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
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	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
Interest Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-3.8	-4.0	-2.9	-2.2	-9.0	0.0	-2.9	-4.7	-2.2	-5.9	0.0	-4.4
Other Operating Receipts	—	—	—	—	2.9	2.3	3.2	1.5	2.5	1.8	2.8	2.2
Other Operating Payments	-65.5	-54.9	-57.7	-43.4	-43.1	-56.4	-22.0	-62.3	-49.7	-51.3	-39.1	-42.0
Net Cash Flow from Operating Activities	72.4	66.9	87.8	31.6	48.8	101.6	97.5	20.4	42.7	79.7	114.0	28.1
Payments for Fixed Assets and Other Long-term Assets	-121.6	-93.7	-53.5	-80.6	-65.5	-74.1	-37.2	-50.3	-29.9	-33.4	-35.6	-25.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.1	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
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	0.5	0.3	0.7	0.1	0.4	0.2	0.2	0.1	0.2	0.1	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	-121.2	-93.5	-52.8	-80.5	-65.1	-73.9	-36.9	-50.2	-29.7	-33.3	-35.6	-25.7
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	43.6	20.4	17.0	34.6	27.0	17.9	15.9	17.2	6.1	17.1	29.0	26.9
Repayment of Borrowings	-20.9	-14.1	-22.4	-11.9	-18.9	-12.1	-20.8	-13.5	-30.8	-22.4	-64.7	-50.7
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	-14.6	—	—	0.0	-14.4	0.0	0.0	-0.0	-14.2	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	22.7	-8.3	-5.5	22.7	8.1	-8.7	-4.9	3.7	-24.7	-19.5	-35.7	-23.8
Net Cash Flow During the Period	-26.1	-34.9	29.5	-26.2	-8.2	19.0	55.6	-26.1	-11.8	26.9	42.7	-21.4
Cash and Cash Equivalents at Beginning of Period	79.4	114.3	84.7	110.9	70.6	70.6	70.6	70.6	34.2	34.2	34.2	34.2
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	53.3	79.4	114.3	84.7	111.0	119.2	100.1	44.5	70.6	82.4	55.5	12.8

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What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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