NRC

Listed Company · HNX

Price

5,700

Latest close

03 Apr 2026

P/E 13.6x

EPS (TTM) 419

ROE (TTM) 3.2%

P/B 0.4x

BVPS (Latest) 12,925

ROA (TTM) 1.9%

What Is Changing

NRC no longer looks like a business simply rebounding from a weak base. Revenue posted +1679.1% YoY, while net margin reached 7.30% with an additional +2673.7pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income turned positive to VND 6.7bn in 2025.
Net margin improved from -2666.35% in the prior period to 7.30% in 2025.
Revenue growth accelerated to 1679.1% in 2025, up 1667.8pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	91.6	5.1	4.6	194.2	444.0
Growth	+1679%	+11%	-98%	-56%	—
Net Income	6.7	-137.3	11.9	-72.8	194.8
Net Margin	7.30%	-2666.35%	257.08%	-37.48%	43.87%

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	22.4	113.6	4.3	6.9	1.3	1.3	6.3	5.4	1.6	1.1	1.9	0.0
Growth	-80%	+2551%	-38%	+430%	+1%	-80%	+18%	+226%	+57%	-46%	—	—
Net Income	10.3	23.6	4.2	0.7	-46.9	-5.9	4.4	2.7	30.0	17.7	-3.9	-16.8
Net Margin	46.12%	20.79%	97.25%	9.58%	-3589.59%	-457.69%	70.30%	49.87%	1818.26%	1681.32%	-200.26%	—

Financial Statements

Profitability

Net margin reached 7.30% while Revenue posted +1679.1% YoY.

Balance Sheet

Inventory stood at 13.6bn, liabilities at 802.8bn, and equity at 1,167.5bn.

Cash Flow

Operating cash flow was 44.5bn in 2025, while investing cash flow was 33.0bn.

Financing cash flow: -76.2bn.

Item	2025	2024	2023	2022	2021
Revenue	91.6	5.1	4.6	194.2	444.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	91.6	5.1	4.6	194.2	444.0
Cost of Goods Sold	73.2	0.6	0.2	40.1	0.0
Gross Profit	18.4	4.5	4.5	154.2	409.3
Financial Income	1.3	0.0	0.0	25.6	0.0
Financial Expenses	35.2	53.3	55.2	64.1	-10.4
Interest Expense	35.2	53.3	51.8	60.3	-10.2
Share of Associates and Joint Ventures	-0.0	0.6	1.4	1.0	-0.0
Selling Expenses	0.7	0.0	0.0	15.1	-73.4
General and Administrative Expenses	-38.1	81.7	-9.9	161.1	-84.4
Operating Profit	21.9	-129.9	-39.5	-59.6	241.2
Other Income	0.0	69.0	83.3	4.4	0.0
Other Expenses	11.5	76.4	4.1	12.7	0.0
Other Profit	-11.4	-7.4	79.2	-8.3	18.0
Profit Before Tax	10.5	-137.3	39.7	-67.9	259.3
Current Income Tax Expense	0.5	0.0	18.8	2.5	-64.5
Deferred Income Tax Expense	3.3	0.0	9.0	2.4	0.0
Net Income	6.7	-137.3	11.9	-72.8	194.8
Non-controlling Interest	-2.1	-0.1	-0.0	-0.3	-2.8
Profit Attributable to Parent	8.8	-137.2	11.9	-72.5	197.6
Earnings per Share	95.00	-1,482.00	129.00	-822.00	2,548.00
Diluted EPS	95.00	-1,482.00	129.00	-822.00	2,347.23

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	866.2	399.1	718.6	988.7	1,341.7
I. Cash and cash equivalents	1.9	0.5	0.9	1.3	5.7
1. Cash	1.9	0.5	0.9	1.3	0.0
2. Cash equivalents	—	0.0	0.0	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	848.0	387.1	704.5	914.8	1,282.7
1. Short-term trade accounts receivable	10.7	5.4	2.4	5.3	0.0
2. Short-term prepayments to suppliers	0.1	0.0	0.4	51.6	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	—	52.9	52.9	96.2	0.0
6. Other short-term receivables	864.6	411.6	675.3	854.6	0.0
7. Provision for short-term doubtful debts (*)	-27.4	-82.9	-26.4	-92.9	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	13.6	10.0	11.6	61.1	51.1
1. Inventories	13.6	10.0	11.6	61.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	2.7	1.5	1.6	11.4	2.1
1. Short-term prepayments	0.2	0.0	0.1	9.3	0.0
2. Value added tax to be reclaimed	2.5	1.5	1.6	2.0	0.0
3. Taxes and other receivables from state authorities	0.0	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)	1,104.1	1,530.3	1,364.6	1,288.1	681.2
I. Long-term receivables	865.3	1,294.7	1,020.3	934.5	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	429.5
2. Long-term prepayments to suppliers	—	0.0	181.4	185.0	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	865.3	1,294.7	838.9	749.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	67.4	66.9	68.1	69.3	77.9
1. Tangible fixed assets	8.9	8.3	9.2	10.3	18.6
- Cost	15.6	13.8	13.8	13.8	0.0
- Accumulated depreciation	-6.7	-5.5	-4.5	-3.5	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	58.5	58.6	58.8	59.1	59.3
- Cost	59.7	59.5	59.5	59.5	0.0
- Accumulated depreciation	-1.2	-0.8	-0.6	-0.4	0.0
III. Investment properties	65.7	65.9	66.2	66.2	66.2
- Cost	66.2	66.2	66.2	66.2	0.0
- Accumulated depreciation	-0.4	-0.2	0.0	0.0	0.0
IV. Long-term assets in progress	0.1	0.0	107.7	107.7	90.6
1. Long-term production in progress	—	0.0	107.7	107.7	0.0
2. Construction in progress	0.1	0.0	0.0	0.0	0.0
V. Long-term financial investments	102.8	102.8	102.2	100.8	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	102.8	102.8	102.2	100.8	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	2.9	0.0	0.1	9.6	0.0
1. Long-term prepayments	0.2	0.0	0.1	0.6	0.0
2. Deferred income tax assets	—	0.0	0.0	9.0	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	17.0
5. Goodwill	2.7	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)	1,970.3	1,929.4	2,083.2	2,276.8	2,022.9
A. LIABILITIES (300=210+330)	802.8	773.4	789.3	994.8	867.1
I. Short -term liabilities	636.4	565.4	567.3	748.5	425.6
1. Short-term trade accounts payable	4.7	4.1	6.7	11.1	8.5
2. Short-term advances from customers	3.1	2.0	2.4	49.2	44.1
3. Taxes and other payables to state authorities	95.8	94.3	109.1	94.0	0.0
4. Payable to employees	7.0	5.7	10.8	11.0	0.0
5. Short-term acrrued expenses	119.3	74.5	27.9	13.9	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	154.4	68.2	52.1	48.0	0.0
10. Short-term borrowings and financial leases	244.1	308.8	351.0	514.0	106.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	7.8	7.8	7.3	7.2	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	166.4	207.9	222.0	246.3	441.5
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	10.7	13.9	17.4
7. Other long-term liabilities	122.9	162.9	162.8	164.4	0.0
8. Long-term borrowings and financial leases	40.2	45.0	48.5	68.0	374.2
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	3.3	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)	1,167.5	1,156.0	1,293.9	1,282.0	1,155.7
I. Owner's equity	1,167.5	1,156.0	1,293.9	1,282.0	0.0
1. Owner's capital	926.0	926.0	926.0	881.9	1,155.7
- Common stock with voting right	926.0	926.0	926.0	881.9	841.9
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	29.5	29.5	29.5	29.5	29.7
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	11.5	11.5	11.2	11.2	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	49.9	41.1	179.3	211.4	270.3
- Accumulated retained earning at the end of the previous period	41.1	178.3	167.4	284.0	96.3
- Undistributed earnings in this period	8.8	-137.2	11.9	-72.5	174.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	150.6	147.9	148.0	148.0	2.7
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)	1,970.3	1,929.4	2,083.2	2,276.8	2,022.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	10.5	-137.3	39.7	-67.9	259.3
Depreciation of Fixed Assets and Investment Property	1.5	1.4	1.2	1.5	2.1
Provision (Increase)/Reversal	-55.6	56.4	-66.4	92.4	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	-0.6	-1.4	-26.6	0.0
Interest Expense	35.2	53.3	51.8	60.3	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	-8.3	-26.7	25.0	59.7	273.2
Increase/(Decrease) in Receivables	44.7	-13.3	157.1	157.3	0.0
Increase/(Decrease) in Inventory	-2.3	109.3	49.6	-81.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	13.1	15.2	-57.6	83.2	0.0
Increase/(Decrease) in Prepaid Expenses	-0.3	0.1	9.8	-5.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-1.6	-27.8	-37.1	-60.2	0.0
Corporate Income Tax Paid	-0.7	-11.5	-1.5	-7.7	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-0.1	0.1	-1.2	0.0
Net Cash Flow from Operating Activities	44.5	45.2	145.3	143.9	-856.9
Payments for Fixed Assets and Other Long-term Assets	-0.1	0.0	0.0	0.0	-64.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	-96.2	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	52.9	0.0	43.3	0.0	0.0
Investments in Other Entities	-19.7	0.0	0.0	-451.3	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	253.1	0.0
Dividends and Interest Income Received	—	0.0	0.0	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	33.0	0.0	43.3	-294.4	-54.7
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	39.8	500.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	—	0.0	0.0	343.0	449.9
Repayment of Borrowings	-76.2	-45.6	-189.1	-236.6	-46.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-76.2	-45.6	-189.1	146.1	903.8
Net Cash Flow During the Period	1.4	-0.4	-0.4	-4.4	2.9
Cash and Cash Equivalents at Beginning of Period	0.5	0.9	1.3	5.7	13.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	1.9	0.5	0.9	1.3	5.7

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	22.4	113.6	4.3	6.9	1.3	1.3	6.3	5.4	1.6	1.1	1.9	0.0
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	22.4	113.6	4.3	6.9	1.3	1.3	6.3	5.4	1.6	1.1	1.9	0.0
Cost of Goods Sold	21.2	106.6	0.5	0.5	0.2	0.2	1.9	1.5	0.0	0.1	0.0	0.0
Gross Profit	1.3	7.0	3.8	6.4	1.1	1.1	4.5	3.9	1.6	0.9	1.9	0.0
Financial Income	0.5	0.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	10.8	5.8	13.5	5.1	25.1	1.3	25.0	2.0	19.9	4.9	28.7	1.8
Interest Expense	10.8	5.8	13.5	5.1	25.1	1.2	25.0	2.0	16.7	4.0	27.8	0.8
Share of Associates and Joint Ventures	-0.0	-0.0	-0.0	2.9	0.4	-0.2	0.1	0.2	1.1	-0.5	0.3	0.5
Selling Expenses	0.2	0.3	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	0.3	-29.2	-22.3	3.5	25.3	7.0	5.6	4.7	-71.1	13.9	14.7	15.6
Operating Profit	-9.5	30.8	12.6	0.7	-48.9	-7.3	-26.0	-2.6	53.9	-18.3	-41.2	-16.8
Other Income	27.1	—	—	—	3.0	0.0	60.0	6.0	0.0	42.1	41.2	0.0
Other Expenses	3.5	2.6	4.4	0.0	4.4	0.0	17.4	0.0	0.3	2.2	1.6	0.0
Other Profit	23.7	-2.6	-4.4	-0.0	-1.4	-0.0	42.6	6.0	-0.3	39.9	39.6	-0.0
Profit Before Tax	14.2	28.2	8.2	0.7	-50.3	-7.3	16.6	3.4	53.5	21.5	-1.6	-16.8
Current Income Tax Expense	3.9	4.5	4.0	—	-3.5	-1.4	12.1	0.7	14.6	3.9	2.3	0.0
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	9.0	0.0	0.0	0.0
Net Income	10.3	23.6	4.2	0.7	-46.9	-5.9	4.4	2.7	30.0	17.7	-3.9	-16.8
Non-controlling Interest	-0.1	0.1	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Profit Attributable to Parent	10.4	23.5	4.2	0.7	-46.8	-5.9	4.5	2.7	30.0	17.7	-3.8	-16.8
Earnings per Share	113.00	254.00	45.00	7.00	-506.00	-64.00	48.00	29.00	326.00	194.00	-42.00	-188.00
Diluted EPS	113.00	254.00	45.00	7.00	-681.00	-64.00	48.00	29.00	326.00	194.00	-42.00	-188.00

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)	897.0	636.7	422.8	402.2	368.3	426.4	457.7	460.6	808.0	825.0	805.9	964.4
I. Cash and cash equivalents	1.9	1.0	0.4	0.5	0.5	0.7	0.5	0.6	0.9	0.6	0.6	2.2
1. Cash	1.9	1.0	0.4	0.5	0.5	0.7	0.5	0.6	0.9	0.6	0.6	2.2
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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	878.7	622.6	410.8	389.8	353.3	412.3	445.6	447.0	793.9	809.7	737.8	892.0
1. Short-term trade accounts receivable	82.6	167.0	16.6	12.3	5.4	4.1	13.9	7.8	2.4	1.3	11.7	5.3
2. Short-term prepayments to suppliers	24.7	10.3	0.0	0.0	0.0	0.1	0.1	0.4	0.4	53.3	0.8	51.7
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	—	—	52.9	52.9	52.9	52.9	52.9	52.9	52.9	52.9	56.6	84.4
6. Other short-term receivables	788.9	469.3	398.7	407.4	357.4	397.0	405.4	412.3	764.7	719.2	761.5	843.4
7. Provision for short-term doubtful debts (*)	-17.6	-24.0	-57.4	-82.9	-62.4	-41.8	-26.6	-26.4	-26.4	-17.0	-92.8	-92.9
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	13.7	11.3	10.0	10.4	13.0	11.9	10.1	11.6	11.6	11.1	61.1	61.4
1. Inventories	13.7	11.3	10.0	10.4	13.0	11.9	10.1	11.6	11.6	11.1	61.1	61.4
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	2.8	1.8	1.7	1.5	1.5	1.5	1.5	1.4	1.6	3.6	6.3	8.8
1. Short-term prepayments	0.3	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.1	2.1	4.3	6.7
2. Value added tax to be reclaimed	2.5	1.7	1.6	1.5	1.5	1.5	1.5	1.4	1.6	1.5	2.0	2.1
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
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)	1,129.2	1,429.6	1,472.5	1,472.9	1,638.0	1,637.9	1,638.5	1,578.7	1,275.2	1,194.7	1,347.5	1,288.3
I. Long-term receivables	890.5	1,190.5	1,234.7	1,234.7	1,294.7	1,294.7	1,294.7	1,234.7	930.9	842.0	993.9	934.5
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	181.4	185.0	185.0	185.0
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	890.5	1,190.5	1,234.7	1,234.7	1,294.7	1,294.7	1,294.7	1,234.7	749.5	749.5	808.9	749.5
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-92.5	0.0	0.0
II. Fixed assets	67.4	67.7	66.4	66.6	66.9	67.2	67.5	133.9	68.1	68.4	68.7	69.0
1. Tangible fixed assets	8.9	9.1	7.8	8.1	8.3	8.5	8.7	14.2	9.2	9.5	9.8	10.0
- Cost	—	—	—	—	13.8	13.8	13.8	19.1	13.8	13.8	13.8	13.8
- Accumulated depreciation	—	—	—	—	-5.5	-5.3	-5.0	-4.8	-4.5	-4.3	-4.0	-3.8
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	58.5	58.6	58.5	58.6	58.6	58.7	58.7	119.6	58.8	58.9	58.9	59.0
- 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	65.7	65.8	65.8	65.9	65.9	66.0	66.0	0.0	66.2	66.2	66.2	66.2
- 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
IV. Long-term assets in progress	0.1	0.1	—	—	107.7	107.7	107.7	107.7	107.7	107.7	107.7	107.7
1. Long-term production in progress	—	—	—	—	107.7	107.7	107.7	107.7	107.7	107.7	107.7	107.7
2. Construction in progress	0.1	0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	102.8	102.8	105.6	105.6	102.7	102.3	102.5	102.4	102.2	101.1	101.6	101.3
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	102.8	102.8	105.6	105.6	102.7	102.3	102.5	102.4	102.2	101.1	101.6	101.3
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	2.7	2.7	0.0	0.0	0.0	0.0	0.1	0.0	0.1	9.3	9.4	9.5
1. Long-term prepayments	0.1	0.1	0.0	0.0	0.0	0.0	0.1	0.0	0.1	0.3	0.4	0.5
2. Deferred income tax assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	9.0	9.0	9.0
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	2.7	2.7	—	—	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)	2,026.2	2,066.3	1,895.4	1,875.0	2,006.3	2,064.3	2,096.2	2,039.3	2,083.2	2,019.7	2,153.5	2,252.7
A. LIABILITIES (300=210+330)	829.4	880.3	734.6	718.4	776.2	787.4	795.8	743.3	788.9	755.4	892.2	987.5
I. Short -term liabilities	666.3	764.6	526.6	510.4	556.5	566.3	573.7	521.3	566.9	532.7	663.7	741.2
1. Short-term trade accounts payable	100.8	167.2	5.1	4.1	4.1	4.3	6.8	6.3	6.7	6.3	9.8	10.5
2. Short-term advances from customers	3.1	2.9	2.0	2.0	2.0	2.0	2.0	2.1	2.4	2.7	0.1	49.1
3. Taxes and other payables to state authorities	107.8	104.4	99.2	94.9	98.0	105.7	106.5	94.4	108.8	95.5	94.6	94.4
4. Payable to employees	7.0	7.0	6.6	7.9	5.7	4.0	6.9	5.2	10.8	9.7	11.0	16.2
5. Short-term acrrued expenses	119.3	102.9	95.6	79.5	73.6	47.2	51.1	13.6	27.9	11.5	20.6	13.3
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	81.6	130.5	64.6	68.5	57.5	55.1	52.3	50.5	52.1	47.6	47.4	48.6
10. Short-term borrowings and financial leases	239.0	241.9	245.7	245.7	307.8	340.2	340.2	341.2	351.0	352.3	473.0	501.9
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	7.8	7.8	7.8	7.8	7.8	7.8	7.9	7.9	7.3	7.1	7.2	7.2
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	163.1	115.7	207.9	207.9	219.7	221.1	222.1	222.0	222.0	222.7	228.5	246.3
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	—	—	—	—	10.7	10.7	10.7	10.7	10.7	10.7	16.6	13.9
7. Other long-term liabilities	122.9	72.9	162.9	162.9	162.9	162.9	162.9	162.8	162.8	162.8	162.8	164.4
8. Long-term borrowings and financial leases	40.2	42.8	45.0	45.0	46.0	47.5	48.5	48.5	48.5	49.1	49.1	68.0
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	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)	1,196.8	1,186.0	1,160.8	1,156.6	1,230.1	1,277.0	1,300.4	1,295.9	1,294.3	1,264.3	1,261.3	1,265.2
I. Owner's equity	1,196.8	1,186.0	1,160.8	1,156.6	1,230.1	1,277.0	1,300.4	1,295.9	1,294.3	1,264.3	1,261.3	1,265.2
1. Owner's capital	926.0	926.0	926.0	926.0	926.0	926.0	926.0	926.0	926.0	926.0	926.0	926.0
- Common stock with voting right	926.0	926.0	926.0	926.0	926.0	926.0	926.0	926.0	926.0	926.0	926.0	926.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	29.5	29.5	29.5	29.5	29.5	29.5	29.5	29.5	29.5	29.5	29.5	29.5
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	11.5	11.5	11.5	11.5	11.5	11.5	11.5	11.5	11.2	11.2	11.2	11.2
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	76.6	66.9	45.9	41.8	115.2	162.1	185.5	181.0	179.6	149.7	146.7	150.5
- Accumulated retained earning at the end of the previous period	41.1	41.8	41.1	41.1	178.3	178.3	178.3	178.3	167.4	167.4	167.4	167.4
- Undistributed earnings in this period	35.5	25.1	4.8	0.7	-63.1	-16.3	7.2	2.7	12.3	-17.7	-20.7	-16.8
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	153.2	152.2	147.9	147.9	147.9	147.9	147.9	148.0	148.0	148.0	148.0	148.0
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)	2,026.2	2,066.3	1,895.4	1,875.0	2,006.3	2,064.3	2,096.2	2,039.3	2,083.2	2,019.7	2,153.5	2,252.7

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	-23.3	28.2	5.0	0.7	-50.3	-7.3	-5.2	3.4	53.6	21.5	-18.5	-16.8
Depreciation of Fixed Assets and Investment Property	0.1	0.7	0.3	0.3	0.3	0.3	0.4	0.4	0.3	0.3	0.3	0.3
Provision (Increase)/Reversal	3.3	-33.4	-25.5	—	20.6	-0.4	15.8	0.0	-83.0	-0.3	16.9	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	2.8	-2.9	-0.4	0.2	-0.1	-0.2	-1.1	0.5	-0.3	-0.5
Interest Expense	10.8	5.8	13.5	5.1	25.1	1.2	25.0	2.0	19.3	4.0	27.8	0.8
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	-9.0	1.3	-3.8	3.2	-4.7	-6.0	35.8	5.5	-10.9	26.0	26.2	-16.3
Increase/(Decrease) in Receivables	120.0	-137.0	4.4	57.3	38.4	9.0	-49.7	43.3	15.1	61.2	69.8	11.0
Increase/(Decrease) in Inventory	-1.0	-0.8	—	-0.4	-1.0	1.1	-1.4	0.0	-0.4	50.0	0.3	-0.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-136.3	146.0	-27.7	31.1	1.0	-5.4	19.1	-11.7	13.5	-21.9	-54.0	4.9
Increase/(Decrease) in Prepaid Expenses	-0.1	-0.2	0.0	0.0	0.0	-0.0	-0.0	0.1	2.2	2.3	2.5	2.7
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	2.0	-2.1	15.1	-16.6	0.0	2.6	-2.6	-16.6	-20.5	4.5	-20.3	-0.8
Corporate Income Tax Paid	-0.7	0.0	11.5	-11.5	0.0	-0.0	-0.2	-11.2	0.0	-0.5	-1.0	0.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	0.1	-0.1	-0.0	0.0
Net Cash Flow from Operating Activities	-25.2	6.7	-0.1	63.1	33.6	1.2	0.9	9.5	-0.9	121.6	23.4	1.2
Payments for Fixed Assets and Other Long-term Assets	-0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	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	52.9	—	—	—	0.0	0.0	0.0	0.0	3.7	0.0	27.8	11.8
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
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	33.0	—	—	—	0.0	0.0	0.0	0.0	3.7	0.0	27.8	11.8
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	—	—	—	—	-33.8	0.0	0.0	0.0	0.0	0.0	-2.5	2.5
Repayment of Borrowings	-7.0	-6.1	0.0	-63.1	0.0	-1.0	-0.9	-9.8	-2.5	-121.6	-50.2	-14.7
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	-7.0	-6.1	0.0	-63.1	-33.8	-1.0	-0.9	-9.8	-2.5	-121.6	-52.8	-12.2
Net Cash Flow During the Period	0.8	0.7	-0.1	-0.0	-0.2	0.1	-0.0	-0.3	0.3	-0.0	-1.6	0.9
Cash and Cash Equivalents at Beginning of Period	1.0	0.4	0.5	0.5	0.9	0.9	0.9	0.9	1.3	1.3	1.3	1.3
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	1.9	1.0	0.4	0.5	0.5	0.7	0.5	0.6	0.9	0.6	0.6	2.2

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What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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