NST

Listed Company · HNX

Price

12,100

Latest close

03 Apr 2026

P/E 5.6x

EPS (TTM) 2,171

ROE (TTM) 12.8%

P/B 0.7x

BVPS (Latest) 17,226

ROA (TTM) 6.5%

What Is Changing

NST no longer looks like a business simply rebounding from a weak base. Revenue posted +8.7% YoY, while net margin reached 2.57% 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 1.59% in 2023 to 2.57% in 2025.
Revenue increased 8.7% YoY to VND 945.4bn in 2025.
Net Income reached a multi-period high at VND 24.3bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	945.4	869.5	706.5	569.6	655.9
Growth	+9%	+23%	+24%	-13%	—
Net Income	24.3	18.3	11.2	7.1	6.4
Net Margin	2.57%	2.11%	1.59%	1.25%	0.97%

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	227.3	312.5	304.9	100.7	238.1	279.0	180.1	172.3	146.8	331.9	136.9	90.9
Growth	-27%	+2%	+203%	-58%	-15%	+55%	+5%	+17%	-56%	+143%	+51%	—
Net Income	1.2	8.7	10.0	4.4	2.3	5.3	5.7	5.1	1.3	4.8	3.2	2.0
Net Margin	0.51%	2.79%	3.29%	4.40%	0.95%	1.89%	3.18%	2.94%	0.86%	1.45%	2.31%	2.22%

Financial Statements

Profitability

Net margin reached 2.57% while Revenue posted +8.7% YoY.

Balance Sheet

Inventory stood at 245.2bn, liabilities at 261.8bn, and equity at 193.0bn.

Cash Flow

Operating cash flow was -114.6bn in 2025, while investing cash flow was -20.4bn.

Financing cash flow: 132.7bn.

Item	2025	2024	2023	2022	2021
Revenue	945.4	869.5	706.5	569.6	655.9
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	945.4	869.5	706.5	569.6	655.9
Cost of Goods Sold	785.9	737.3	584.4	479.0	0.0
Gross Profit	159.5	132.2	122.1	90.6	98.8
Financial Income	1.0	2.5	0.9	2.3	2.7
Financial Expenses	7.6	5.2	3.2	6.4	-6.4
Interest Expense	6.3	3.6	3.2	5.4	-6.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	28.5	21.3	17.3	16.1	-18.8
General and Administrative Expenses	93.8	85.6	88.8	61.7	-68.3
Operating Profit	30.5	22.6	13.7	8.6	8.0
Other Income	0.2	0.6	0.6	0.4	0.0
Other Expenses	0.1	0.1	0.1	0.0	0.0
Other Profit	0.2	0.5	0.5	0.4	0.1
Profit Before Tax	30.6	23.1	14.2	9.0	8.2
Current Income Tax Expense	6.3	4.8	3.0	1.9	-1.8
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	24.3	18.3	11.2	7.1	6.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	24.3	18.3	11.2	7.1	6.4
Earnings per Share	2,171.00	1,635.00	1,004.00	634.00	568.00
Diluted EPS	2,171.34	1,634.63	1,004.06	634.22	567.88

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	380.8	227.8	297.9	208.9	213.6
I. Cash and cash equivalents	3.6	5.9	71.4	4.0	3.7
1. Cash	3.6	5.9	29.4	4.0	0.0
2. Cash equivalents	—	0.0	42.0	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	112.8	82.5	113.2	144.6	130.4
1. Short-term trade accounts receivable	109.0	77.0	39.7	65.9	0.0
2. Short-term prepayments to suppliers	1.0	1.7	0.3	0.2	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	2.9	3.9	73.3	78.5	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	245.2	117.4	93.2	40.3	59.8
1. Inventories	245.2	117.4	93.2	40.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	19.2	22.0	20.1	20.1	19.7
1. Short-term prepayments	1.7	1.5	1.4	1.4	0.0
2. Value added tax to be reclaimed	17.5	20.4	18.7	17.9	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.8	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)	73.9	67.8	73.4	81.3	98.4
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	38.3	42.4	51.4	60.4	76.8
1. Tangible fixed assets	35.7	41.3	50.1	59.5	76.2
- Cost	326.1	320.1	318.5	317.0	0.0
- Accumulated depreciation	-290.4	-278.8	-268.4	-257.5	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	2.6	1.1	1.4	0.9	0.6
- Cost	3.8	2.1	2.1	1.5	0.0
- Accumulated depreciation	-1.2	-1.0	-0.7	-0.6	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	7.1	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	7.1	0.0	0.0	0.0	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	28.5	25.3	22.0	20.9	0.0
1. Long-term prepayments	28.5	25.3	22.0	20.9	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	21.5
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	454.7	295.6	371.3	290.3	312.0
A. LIABILITIES (300=210+330)	261.8	107.7	191.4	114.8	137.5
I. Short -term liabilities	261.8	107.7	191.4	113.2	120.9
1. Short-term trade accounts payable	15.4	11.7	52.0	4.7	63.2
2. Short-term advances from customers	7.3	6.6	2.3	0.5	4.3
3. Taxes and other payables to state authorities	3.1	1.8	1.7	0.0	0.0
4. Payable to employees	21.0	19.9	23.3	14.2	0.0
5. Short-term acrrued expenses	3.0	2.8	2.6	1.9	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	1.6	1.6	102.7	78.9	0.0
10. Short-term borrowings and financial leases	198.8	54.3	0.0	8.4	27.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	11.6	9.0	6.7	4.5	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	—	0.0	0.0	1.6	16.6
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	1.6	16.6
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)	193.0	187.8	179.9	175.5	174.5
I. Owner's equity	193.0	187.8	179.9	175.5	0.0
1. Owner's capital	112.0	112.0	112.0	112.0	174.5
- Common stock with voting right	112.0	112.0	112.0	112.0	112.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	16.4	16.4	16.4	16.4	16.4
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	36.3	36.3	36.3	35.7	0.0
9. Fund to support corporate restructuring	4.0	4.0	4.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	4.0	0.0
11. Undistributed earnings after tax	24.3	19.2	11.2	7.4	7.0
- Accumulated retained earning at the end of the previous period	—	0.9	0.0	0.3	0.6
- Undistributed earnings in this period	24.3	18.3	11.2	7.1	6.4
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)	454.7	295.6	371.3	290.3	312.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	30.6	23.1	14.2	9.0	8.2
Depreciation of Fixed Assets and Investment Property	12.0	13.0	13.6	20.9	25.1
Provision (Increase)/Reversal	—	0.0	0.0	-0.7	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.3	-0.6	-0.1	0.1	0.0
Gain/Loss from Investment Activities	-0.1	-0.9	-1.0	-0.1	0.0
Interest Expense	6.3	3.6	3.2	5.4	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	49.1	38.1	29.8	34.6	39.4
Increase/(Decrease) in Receivables	-27.6	30.5	31.5	-13.9	0.0
Increase/(Decrease) in Inventory	-127.8	-24.3	-52.9	16.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	12.0	-132.8	81.0	15.8	0.0
Increase/(Decrease) in Prepaid Expenses	-3.3	-3.1	-1.1	0.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-6.1	-3.6	-3.2	-5.5	0.0
Corporate Income Tax Paid	-6.6	-4.7	-2.3	-2.9	0.0
Other Operating Receipts	0.0	0.0	2.8	0.0	0.0
Other Operating Payments	-4.2	-1.5	-3.7	-0.5	0.0
Net Cash Flow from Operating Activities	-114.6	-101.3	82.0	44.9	-12.3
Payments for Fixed Assets and Other Long-term Assets	-20.4	-12.5	-2.0	-6.6	-5.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.6	0.5	0.0	0.1
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	0.0	0.4	0.5	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	-20.4	-11.6	-1.0	-6.5	1.8
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	798.6	496.6	385.6	332.7	401.1
Repayment of Borrowings	-654.1	-442.3	-395.7	-366.8	-388.6
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-11.8	-7.1	-3.5	-4.1	-5.9
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	132.7	47.1	-13.6	-38.2	6.6
Net Cash Flow During the Period	-2.3	-65.7	67.4	0.3	-3.1
Cash and Cash Equivalents at Beginning of Period	5.9	71.4	4.0	3.7	7.6
FX Difference from Revaluation	0.0	0.2	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	3.6	5.9	71.4	4.0	3.7

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	227.3	312.5	304.9	100.7	238.1	279.0	180.1	172.3	146.8	331.9	136.9	90.9
Revenue Deductions	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	227.3	312.5	304.9	100.7	238.1	279.0	180.1	172.3	146.8	331.9	136.9	90.9
Cost of Goods Sold	211.1	269.0	238.5	67.3	222.9	236.1	146.3	132.0	133.2	269.0	108.4	73.7
Gross Profit	16.2	43.4	66.4	33.4	15.2	42.9	33.8	40.2	13.6	62.9	28.4	17.2
Financial Income	0.1	0.2	0.4	0.3	0.5	0.1	0.6	1.2	0.2	0.1	0.2	0.3
Financial Expenses	2.6	2.1	1.3	1.7	2.7	1.9	0.2	0.4	0.3	2.3	0.3	0.2
Interest Expense	2.5	2.0	1.3	0.5	1.3	1.9	0.2	0.2	0.3	2.3	0.4	0.1
Share of Associates and Joint Ventures	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	8.9	8.6	8.0	3.0	4.2	8.5	4.5	4.1	4.4	7.0	3.1	2.8
General and Administrative Expenses	3.4	22.0	44.8	23.6	6.0	26.0	22.7	30.8	7.5	48.1	21.2	12.0
Operating Profit	1.5	10.9	12.6	5.4	2.8	6.7	7.0	6.1	1.6	5.6	3.9	2.6
Other Income	0.1	—	—	0.1	0.1	0.0	0.2	0.3	0.1	0.4	0.1	0.0
Other Expenses	0.1	0.0	—	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.0	-0.0	—	0.1	0.1	-0.1	0.2	0.3	0.1	0.4	0.1	-0.0
Profit Before Tax	1.5	10.9	12.6	5.5	3.0	6.6	7.2	6.3	1.7	6.0	4.0	2.5
Current Income Tax Expense	0.4	2.2	2.6	1.1	0.7	1.4	1.5	1.3	0.4	1.2	0.9	0.5
Deferred Income Tax Expense	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	1.2	8.7	10.0	4.4	2.3	5.3	5.7	5.1	1.3	4.8	3.2	2.0
Non-controlling Interest	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.2	8.7	10.0	4.4	2.3	5.3	5.7	5.1	1.3	4.8	3.2	2.0
Earnings per Share	103.00	778.00	895.00	395.00	202.00	470.00	510.00	452.00	112.00	429.00	283.00	180.00
Diluted EPS	103.21	778.29	894.64	395.20	202.23	469.94	510.46	452.00	112.40	429.23	282.53	179.91

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)	380.8	463.9	501.9	239.4	227.8	374.5	318.3	173.3	297.9	246.7	268.3	124.4
I. Cash and cash equivalents	3.6	1.6	2.7	5.3	5.9	8.5	10.3	50.7	71.4	6.2	4.8	3.8
1. Cash	3.6	1.6	2.7	5.3	5.9	8.5	10.3	10.7	29.4	6.2	4.8	3.8
2. Cash equivalents	—	—	—	0.0	0.0	0.0	0.0	40.0	42.0	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	19.0
1. Available for sale securities	—	—	—	0.0	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	0.0
3. Held to maturity investments	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	19.0
III. Short-term receivables	112.8	109.9	147.9	79.6	82.5	152.3	35.2	50.1	113.2	128.3	133.1	51.6
1. Short-term trade accounts receivable	109.0	104.5	142.3	75.5	77.0	147.0	28.4	45.1	39.7	123.9	127.3	43.6
2. Short-term prepayments to suppliers	1.0	2.5	2.8	1.2	1.7	2.3	2.6	0.9	0.3	1.5	1.0	0.3
3. Short-term inter-company receivables	—	—	—	0.0	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	0.0
5. Short-term loan receivables	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	2.9	2.8	2.9	2.9	3.9	2.9	4.2	4.2	73.3	2.9	4.8	7.7
7. Provision for short-term doubtful debts (*)	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	245.2	330.9	326.6	131.4	117.4	191.6	248.8	52.4	93.2	90.7	107.5	30.1
1. Inventories	245.2	330.9	326.6	131.4	117.4	191.6	248.8	52.4	93.2	90.7	107.5	30.1
2. Provision for decline in value of inventories	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	19.2	21.6	24.7	23.1	22.0	22.0	23.9	20.1	20.1	21.4	22.9	20.0
1. Short-term prepayments	1.7	2.2	3.4	1.3	1.5	2.6	5.6	0.6	1.4	2.3	3.1	1.0
2. Value added tax to be reclaimed	17.5	19.2	20.0	20.0	20.4	19.4	18.3	17.7	18.7	18.1	18.6	17.7
3. Taxes and other receivables from state authorities	—	0.3	1.2	1.8	0.0	0.0	0.0	1.8	0.0	1.0	1.2	1.4
4. Government bonds	—	—	—	0.0	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	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	73.9	59.6	63.2	66.1	67.8	66.0	67.7	68.8	73.4	72.8	77.3	77.4
I. Long-term receivables	—	—	—	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	0.0
2. Long-term prepayments to suppliers	—	—	—	0.0	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	0.0
4. Long-term inter-company receivables	—	—	—	0.0	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	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
7. Provision for long-term doubtful debts	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	38.3	36.0	38.7	41.4	42.4	44.3	46.0	48.0	51.4	53.1	56.1	57.0
1. Tangible fixed assets	35.7	35.1	37.7	40.3	41.3	43.1	44.8	46.7	50.1	51.9	55.2	56.1
- Cost	—	—	—	322.1	320.1	318.9	317.7	317.9	318.5	317.0	318.7	317.1
- Accumulated depreciation	—	—	—	-281.7	-278.8	-275.8	-272.9	-271.1	-268.4	-265.1	-263.5	-261.0
2. Financial leased fixed assets	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	2.6	0.9	1.0	1.0	1.1	1.2	1.2	1.3	1.4	1.2	0.8	0.9
- Cost	—	—	—	0.0	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	0.0
III. Investment properties	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	7.1	—	—	0.0	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	0.0
2. Construction in progress	7.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	0.0	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	0.0
2. Investments in associates, joint-ventures	—	—	—	0.0	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	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	0.0
5. Held to maturity investments	—	—	—	0.0	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	0.0
VI. Other long-term assets	28.5	23.6	24.5	24.7	25.3	21.8	21.7	20.7	22.0	19.7	21.2	20.4
1. Long-term prepayments	28.5	23.6	24.5	24.7	25.3	21.8	21.7	20.7	22.0	19.7	21.2	20.4
2. Deferred income tax assets	—	—	—	0.0	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	0.0
4. Other long-term assets	—	—	—	0.0	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	0.0
VII. Goodwill (before 2015)	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	454.7	523.5	565.1	305.5	295.6	440.5	386.0	242.1	371.3	319.4	345.6	201.8
A. LIABILITIES (300=210+330)	261.7	331.7	382.0	113.2	107.7	255.0	205.7	57.1	191.4	140.8	171.7	24.4
I. Short -term liabilities	261.7	331.7	382.0	113.2	107.7	255.0	205.7	57.1	191.4	140.8	171.7	24.4
1. Short-term trade accounts payable	15.3	97.0	140.9	46.2	11.7	12.3	26.4	6.0	52.0	25.3	13.1	2.1
2. Short-term advances from customers	7.3	36.6	31.7	6.6	6.6	6.6	7.0	6.5	2.3	0.5	0.5	0.5
3. Taxes and other payables to state authorities	3.1	2.0	2.2	0.8	1.8	1.1	1.4	0.9	1.7	0.8	0.6	0.1
4. Payable to employees	21.0	47.6	47.3	13.0	19.9	41.6	34.9	31.4	23.3	56.8	22.3	8.5
5. Short-term acrrued expenses	3.0	5.3	6.5	4.2	2.8	6.4	3.4	3.4	2.6	6.0	6.1	2.4
6. Short-term inter-company payables	—	—	—	0.0	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	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
9. Other short-term payables	1.6	13.2	13.6	3.5	1.6	8.5	8.8	3.1	102.7	3.6	4.8	6.0
10. Short-term borrowings and financial leases	198.8	116.7	125.9	30.7	54.3	169.2	114.5	0.0	0.0	40.9	117.2	0.8
11. Provision for short-term liabilities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	11.6	13.4	13.9	8.3	9.0	9.1	9.2	5.8	6.7	6.8	7.1	4.0
13. Price stabilization fund	—	—	—	0.0	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	0.0
II. Long-term liabilities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	0.0	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	0.0
3. Long-term acrrued expenses	—	—	—	0.0	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	0.0
5. Long-term inter-company payables	—	—	—	0.0	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	0.0
7. Other long-term liabilities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	0.0	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	0.0
10. Preferred stock (Debts)	—	—	—	0.0	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
12. Provision for long-term liabilities	—	—	—	0.0	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	0.0
14. Provision for severance allowances	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	193.0	191.8	183.1	192.2	187.8	185.6	180.3	185.0	179.9	178.6	173.8	177.5
I. Owner's equity	193.0	191.8	183.1	192.2	187.8	185.6	180.3	185.0	179.9	178.6	173.8	177.5
1. Owner's capital	112.0	112.0	112.0	112.0	112.0	112.0	112.0	112.0	112.0	112.0	112.0	112.0
- Common stock with voting right	112.0	112.0	112.0	112.0	112.0	112.0	112.0	112.0	112.0	112.0	112.0	112.0
- Preferred stock	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	16.4	16.4	16.4	16.4	16.4	16.4	16.4	16.4	16.4	16.4	16.4	16.4
3. Convertible bond option	—	—	—	0.0	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	0.0
5. Treasury shares	—	—	—	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	0.0
7. Foreign exchange differences	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	36.3	36.3	36.3	36.3	36.3	36.3	36.3	36.3	36.3	36.3	36.3	35.7
9. Fund to support corporate restructuring	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0
11. Undistributed earnings after tax	24.3	23.2	14.4	23.6	19.2	16.9	11.6	16.3	11.2	10.0	5.2	9.4
- Accumulated retained earning at the end of the previous period	—	—	—	19.2	0.9	0.9	0.9	11.2	0.0	0.0	0.0	7.4
- Undistributed earnings in this period	24.3	23.2	14.4	4.4	18.3	16.0	10.8	5.1	11.2	10.0	5.2	2.0
12. Reserves for investment in construction	—	—	—	0.0	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	0.0
14. Financial reserves	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	0.0	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)	454.7	523.5	565.1	305.5	295.6	440.5	386.0	242.1	371.3	319.4	345.6	201.8

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	1.5	10.9	12.6	5.5	3.0	6.6	7.2	6.3	1.7	6.0	4.0	2.5
Depreciation of Fixed Assets and Investment Property	3.0	3.0	3.0	3.0	3.0	3.1	3.4	3.4	3.4	3.4	3.3	3.6
Provision (Increase)/Reversal	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	0.1	-0.1	0.2	0.1	-0.1	-0.1	-0.6	-0.1	-0.0	-0.1	0.0
Gain/Loss from Investment Activities	0.0	-0.0	-0.0	-0.1	0.1	-0.0	-0.3	-0.7	0.5	-1.0	-0.2	-0.3
Interest Expense	2.5	2.0	1.3	0.5	1.3	1.9	0.2	0.2	0.3	2.3	0.4	0.1
Gain/Loss on Disposal of Fixed Assets	—	—	—	0.0	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	0.0
Amortization of Goodwill	—	—	—	0.0	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	0.0
Operating Profit Before Changes in Working Capital	7.1	16.0	16.8	9.2	7.5	11.5	10.5	8.7	5.7	10.7	7.5	5.9
Increase/(Decrease) in Receivables	-0.6	39.8	-68.0	1.2	69.0	-118.1	16.9	62.7	15.7	5.5	-81.9	92.3
Increase/(Decrease) in Inventory	85.7	-4.3	-195.2	-13.9	74.2	57.2	-196.5	40.8	-2.4	16.7	-77.4	10.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-136.6	-38.0	154.7	31.9	-20.5	-3.6	24.1	-132.9	88.9	47.5	25.0	-80.4
Increase/(Decrease) in Prepaid Expenses	-4.5	2.2	-2.0	0.9	-2.5	3.0	-5.6	2.0	-1.4	2.3	-2.9	0.9
Changes in Trading Securities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-2.4	-2.0	-1.2	-0.5	-1.5	-1.8	-0.2	-0.2	-0.4	-2.4	-0.3	-0.1
Corporate Income Tax Paid	-2.2	-2.6	-1.1	-0.7	-1.4	-1.7	-1.3	-0.4	-1.2	-0.9	-0.3	0.0
Other Operating Receipts	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	2.8
Other Operating Payments	-1.6	-0.5	-1.4	-0.7	-0.1	-0.2	-0.4	-0.8	-2.9	-0.3	-0.1	-0.4
Net Cash Flow from Operating Activities	-55.1	10.6	-97.4	27.4	124.8	-53.7	-152.3	-20.1	102.0	79.2	-130.3	31.1
Payments for Fixed Assets and Other Long-term Assets	-13.3	-2.4	-0.4	-4.4	-5.4	-2.8	-0.8	-3.5	3.6	-1.0	-4.2	-0.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.1	0.1	0.0	0.2	0.3	0.0	0.5	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	0.0	0.0	0.0	40.0	-40.0	2.8	0.0	23.0	-25.8
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	0.0	0.0	0.0	-42.0	42.0	0.0	0.0	-4.0	4.0
Investments in Other Entities	—	—	—	0.0	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	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	-0.1	0.0	0.1	0.4	0.1	0.1	0.1	0.3
Increase/(Decrease) in Term Deposits	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	-13.3	-2.4	-0.4	-4.3	-5.4	-2.8	-2.5	-0.8	6.5	-0.4	14.9	-22.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	0.0	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	0.0
Proceeds from Borrowings	195.3	267.3	300.4	35.6	92.4	168.6	185.6	50.1	42.6	206.0	133.8	3.2
Repayment of Borrowings	-113.2	-276.5	-205.2	-59.2	-207.4	-113.9	-71.0	-50.1	-83.5	-282.3	-17.4	-12.5
Repayment of Finance Leases	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-11.6	-0.1	0.0	-0.1	-7.1	0.0	-0.0	0.0	-2.4	-1.1	0.0	0.0
Other Financing Receipts	—	—	—	0.0	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	0.0
Net Cash Flow from Financing Activities	70.5	-9.3	95.2	-23.7	-122.1	54.7	114.5	0.0	-43.4	-77.4	116.5	-9.3
Net Cash Flow During the Period	2.1	-1.1	-2.6	-0.6	-2.6	-1.8	-40.3	-20.9	65.2	1.4	1.1	-0.2
Cash and Cash Equivalents at Beginning of Period	1.6	2.7	5.3	5.9	71.4	71.4	71.4	71.4	4.0	4.0	4.0	4.0
FX Difference from Revaluation	0.0	0.0	0.0	0.0	-0.0	-0.0	0.0	0.2	-0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	3.6	1.6	2.7	5.3	5.9	8.5	10.3	50.7	71.4	6.2	4.8	3.8

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