NTH

Listed Company · HNX

Price

57,000

Latest close

01 Apr 2026

P/E 8.9x

EPS (TTM) 6,379

ROE (TTM) 38.1%

P/B 3.5x

BVPS (Latest) 16,206

ROA (TTM) 34.9%

What Is Changing

NTH no longer looks like a business simply rebounding from a weak base. Revenue posted +22.0% YoY, while net margin reached 52.48% with an additional +4.8pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin broke above its recent high, rising 106bps to 52.48% in 2025.
Net Income recovered 34.4% to VND 68.9bn in 2025.
Revenue growth accelerated to 22.0% in 2025, up 29.1pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	131.3	107.6	115.8	134.3	105.0
Growth	+22%	-7%	-14%	+28%	—
Net Income	68.9	51.3	55.2	69.1	42.4
Net Margin	52.48%	47.65%	47.64%	51.42%	40.36%

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	35.8	26.3	32.2	37.0	33.1	19.4	26.7	28.5	33.6	17.1	30.4	34.8
Growth	+36%	-18%	-13%	+12%	+71%	-28%	-6%	-15%	+97%	-44%	-13%	—
Net Income	18.8	11.7	17.4	21.0	16.4	6.8	13.4	14.7	16.1	4.4	15.7	19.0
Net Margin	52.58%	44.42%	53.91%	56.86%	49.59%	35.21%	50.05%	51.70%	47.87%	25.66%	51.65%	54.68%

Financial Statements

Profitability

Net margin reached 52.48% while Revenue posted +22.0% YoY.

Balance Sheet

Inventory stood at 0.8bn, liabilities at 16.3bn, and equity at 175.1bn.

Cash Flow

Operating cash flow was 67.6bn in 2025, while investing cash flow was 0.6bn.

Financing cash flow: -76.1bn.

Item	2025	2024	2023	2022	2021
Revenue	131.3	107.6	115.8	134.3	105.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	131.3	107.6	115.8	134.3	105.0
Cost of Goods Sold	54.3	47.8	49.6	50.6	0.0
Gross Profit	77.0	59.8	66.2	83.7	57.6
Financial Income	0.8	0.2	0.5	0.2	0.1
Financial Expenses	—	1.3	3.8	6.4	-8.6
Interest Expense	—	1.3	3.8	6.4	-8.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	5.1	4.7	4.7	4.7	-4.3
Operating Profit	72.6	54.1	58.1	72.7	44.8
Other Income	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.1	0.0	0.0	0.0
Other Profit	0.0	-0.1	-0.0	-0.0	-0.1
Profit Before Tax	72.6	54.0	58.1	72.7	44.6
Current Income Tax Expense	3.7	2.7	2.9	3.7	-2.3
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	68.9	51.3	55.2	69.1	42.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	68.9	51.3	55.2	69.1	42.4
Earnings per Share	6,061.00	4,510.00	4,853.00	6,073.00	3,831.00
Diluted EPS	6,061.00	4,510.00	4,853.00	6,073.00	3,923.07

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	44.6	37.9	48.7	37.6	36.4
I. Cash and cash equivalents	13.3	21.2	32.2	6.9	16.4
1. Cash	1.3	15.7	15.2	0.9	0.0
2. Cash equivalents	12.0	5.5	17.0	6.0	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	30.4	15.9	15.8	30.1	19.6
1. Short-term trade accounts receivable	30.4	15.7	15.7	29.9	0.0
2. Short-term prepayments to suppliers	0.0	0.2	0.1	0.1	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.0	0.0	0.0	0.0	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	0.8	0.7	0.7	0.5	0.2
1. Inventories	0.8	0.7	0.7	0.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.0	0.1	0.0	0.2	0.1
1. Short-term prepayments	0.0	0.1	0.0	0.2	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	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)	146.8	166.0	185.9	204.3	223.7
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	145.1	164.1	183.2	202.9	214.9
1. Tangible fixed assets	145.0	164.0	183.1	202.8	214.8
- Cost	395.9	395.8	395.4	395.4	0.0
- Accumulated depreciation	-250.9	-231.8	-212.3	-192.6	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	0.1	0.1	0.1	0.1	0.1
- Cost	0.1	0.1	0.1	0.1	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	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	—	0.0	0.1	0.0	8.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.1	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	1.7	1.9	2.5	1.4	0.0
1. Long-term prepayments	1.7	1.9	2.5	1.4	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	0.3
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)	191.4	203.9	234.6	241.9	260.1
A. LIABILITIES (300=210+330)	16.3	17.3	56.8	64.5	93.5
I. Short -term liabilities	16.3	17.3	56.8	39.5	43.5
1. Short-term trade accounts payable	3.4	3.4	1.8	2.8	1.8
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	3.9	5.1	5.3	5.1	0.0
4. Payable to employees	1.8	1.7	1.7	1.6	0.0
5. Short-term acrrued expenses	—	0.0	0.0	0.0	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	0.1	0.5	11.2	1.5	0.0
10. Short-term borrowings and financial leases	—	0.0	31.2	25.0	25.7
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	7.2	6.5	5.5	3.5	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	25.0	50.0
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	25.0	50.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	175.1	186.6	177.8	177.4	166.6
I. Owner's equity	175.1	186.6	177.8	177.4	0.0
1. Owner's capital	108.0	108.0	108.0	108.0	166.6
- Common stock with voting right	108.0	108.0	108.0	108.0	108.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	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	21.1	17.6	15.0	12.3	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	46.0	61.0	54.7	57.1	49.7
- Accumulated retained earning at the end of the previous period	21.8	25.6	26.7	16.6	11.6
- Undistributed earnings in this period	24.2	35.4	28.1	40.5	38.1
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)	191.4	203.9	234.6	241.9	260.1

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	-5.6	-2.9	-3.0	-2.4	0.0
Other Operating Receipts	10.5	8.7	12.7	11.6	0.0
Other Operating Payments	-24.3	-19.4	-24.1	-24.7	0.0
Net Cash Flow from Operating Activities	67.6	68.9	81.5	77.5	60.5
Payments for Fixed Assets and Other Long-term Assets	-0.2	-0.3	-0.1	-0.0	-0.9
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	0.0	-17.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	17.0
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	0.8	0.2	0.5	0.2	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	0.6	-0.1	0.4	0.1	-0.9
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	3.8
Repayment of Borrowings	—	-31.2	-18.7	-25.7	-31.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-76.1	-48.5	-37.9	-61.4	-30.7
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	-76.1	-79.8	-56.6	-87.1	-58.2
Net Cash Flow During the Period	-7.9	-11.0	25.2	-9.5	14.7
Cash and Cash Equivalents at Beginning of Period	21.2	32.2	6.9	16.4	14.9
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	13.3	21.2	32.2	6.9	16.4

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	35.8	26.3	32.2	37.0	33.1	19.4	26.7	28.5	33.6	17.1	30.4	34.8
Revenue Deductions	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	35.8	26.3	32.2	37.0	33.1	19.4	26.7	28.5	33.6	17.1	30.4	34.8
Cost of Goods Sold	14.5	13.2	12.9	13.6	14.1	11.0	11.3	11.5	14.3	10.6	12.0	12.7
Gross Profit	21.3	13.0	19.3	23.4	19.0	8.4	15.4	17.0	19.3	6.4	18.4	22.1
Financial Income	0.2	0.2	0.2	0.1	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1
Financial Expenses	—	—	—	0.0	0.1	0.2	0.4	0.6	0.8	0.8	1.0	1.2
Interest Expense	—	—	—	0.0	0.1	0.2	0.4	0.6	0.8	0.8	1.0	1.2
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	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	1.7	1.0	1.1	1.3	1.7	1.0	1.0	1.0	1.7	1.1	1.0	1.0
Operating Profit	19.8	12.3	18.3	22.2	17.3	7.2	14.1	15.5	16.9	4.6	16.5	20.1
Other Income	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.0	—	-0.0	-0.0	0.0	-0.0	-0.0	-0.0	0.0	0.0	0.0	-0.0
Profit Before Tax	19.8	12.3	18.3	22.2	17.3	7.2	14.1	15.5	16.9	4.6	16.5	20.1
Current Income Tax Expense	1.0	0.6	1.0	1.1	0.9	0.4	0.7	0.8	0.9	0.2	0.8	1.0
Deferred Income Tax Expense	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	18.8	11.7	17.4	21.0	16.4	6.8	13.4	14.7	16.1	4.4	15.7	19.0
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	18.8	11.7	17.4	21.0	16.4	6.8	13.4	14.7	16.1	4.4	15.7	19.0
Earnings per Share	1,743.00	1,080.00	1,608.00	1,948.00	1,518.00	631.00	1,238.00	1,363.00	1,487.00	405.00	1,453.00	1,763.00
Diluted EPS	1,743.00	1,080.00	1,608.00	1,948.00	4,748.00	631.00	1,238.00	1,363.00	1,487.00	405.00	1,453.00	1,763.00

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)	44.6	46.0	43.7	38.7	37.9	18.2	26.5	30.3	48.7	27.4	37.8	39.9
I. Cash and cash equivalents	13.3	27.6	17.2	13.1	21.2	6.0	3.8	11.3	32.2	17.1	12.9	15.4
1. Cash	1.3	0.6	1.2	2.1	15.7	0.5	1.8	2.8	15.2	2.6	1.9	13.9
2. Cash equivalents	12.0	27.0	16.0	11.0	5.5	5.5	2.0	8.5	17.0	14.5	11.0	1.5
II. Short-term financial investments	—	—	—	0.0	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	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	0.0
III. Short-term receivables	30.4	17.5	25.6	24.8	15.9	11.2	21.7	18.1	15.8	9.4	24.2	23.8
1. Short-term trade accounts receivable	30.4	17.5	25.4	24.6	15.7	11.0	21.4	17.9	15.7	9.0	23.1	22.5
2. Short-term prepayments to suppliers	0.0	0.0	0.3	0.2	0.2	0.2	0.2	0.2	0.1	0.4	0.1	0.2
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	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.0	0.1	1.0	1.1
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	0.8	0.8	0.8	0.7	0.7	0.8	0.9	0.9	0.7	0.7	0.6	0.6
1. Inventories	0.8	0.8	0.8	0.7	0.7	0.8	0.9	0.9	0.7	0.7	0.6	0.6
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	0.0	0.1	0.1	0.1	0.1	0.2	0.1	0.0	0.0	0.1	0.1	0.1
1. Short-term prepayments	0.0	0.1	0.1	0.1	0.1	0.2	0.1	0.0	0.0	0.1	0.1	0.1
2. Value added tax to be reclaimed	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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	0.0
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)	146.8	151.7	156.0	161.1	166.0	171.0	175.9	180.7	185.9	189.9	194.8	199.5
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	145.1	149.9	154.5	159.3	164.1	168.9	173.8	178.3	183.2	188.1	193.1	198.0
1. Tangible fixed assets	145.0	149.8	154.4	159.2	164.0	168.8	173.7	178.2	183.1	188.0	193.0	197.9
- Cost	—	—	—	395.8	395.8	395.8	395.8	395.4	395.4	395.4	395.4	395.4
- Accumulated depreciation	—	—	—	-236.6	-231.8	-226.9	-222.1	-217.2	-212.3	-207.3	-202.4	-197.5
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
- 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	—	—	—	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	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	—	—	—	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	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	1.7	1.8	1.5	1.8	1.9	2.0	2.1	2.3	2.5	1.7	1.6	1.5
1. Long-term prepayments	1.7	1.8	1.5	1.8	1.9	2.0	2.1	2.3	2.5	1.7	1.6	1.5
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)	191.4	197.7	199.6	199.8	203.9	189.2	202.3	211.1	234.6	217.4	232.6	239.4
A. LIABILITIES (300=210+330)	16.3	11.0	13.8	13.7	17.3	16.4	25.6	29.3	56.8	42.1	47.4	53.8
I. Short -term liabilities	16.3	11.0	13.8	13.7	17.3	16.4	25.6	29.3	56.8	35.8	34.9	35.0
1. Short-term trade accounts payable	3.4	2.2	2.8	2.7	3.4	1.3	2.3	2.0	1.8	1.1	2.5	2.5
2. Short-term advances from customers	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	3.9	4.2	5.3	3.6	5.1	3.5	3.8	2.4	5.3	3.4	4.3	3.1
4. Payable to employees	1.8	0.5	0.4	0.4	1.7	0.6	0.4	0.4	1.7	0.5	0.4	0.4
5. Short-term acrrued expenses	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.1	0.0	0.6	0.5	0.5	0.5	0.5	0.5	11.2	0.5	0.6	0.6
10. Short-term borrowings and financial leases	—	—	—	0.0	0.0	6.3	12.5	18.7	31.2	25.0	25.0	25.0
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	7.2	4.0	4.7	6.4	6.5	4.2	6.0	5.4	5.5	5.3	2.2	3.4
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	6.3	12.5	18.7
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	6.3	12.5	18.7
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)	175.1	186.7	185.8	186.0	186.6	172.8	176.8	181.7	177.8	175.3	185.1	185.6
I. Owner's equity	175.1	186.7	185.8	186.0	186.6	172.8	176.8	181.7	177.8	175.3	185.1	185.6
1. Owner's capital	108.0	108.0	108.0	108.0	108.0	108.0	108.0	108.0	108.0	108.0	108.0	108.0
- Common stock with voting right	108.0	108.0	108.0	108.0	108.0	108.0	108.0	108.0	108.0	108.0	108.0	108.0
- Preferred stock	—	—	—	0.0	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
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	21.1	17.6	17.6	17.6	17.6	15.0	15.0	15.0	15.0	12.3	12.3	12.3
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	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	46.0	61.1	60.2	60.4	61.0	49.7	53.7	58.6	54.7	55.0	64.8	65.3
- Accumulated retained earning at the end of the previous period	21.8	21.8	42.8	39.4	25.6	25.6	25.6	43.9	26.7	26.6	30.1	46.3
- Undistributed earnings in this period	24.2	39.3	17.4	21.0	35.4	24.1	28.1	14.7	28.1	28.3	34.7	19.0
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)	191.4	197.7	199.6	199.8	203.9	189.2	202.3	211.1	234.6	217.4	232.6	239.4

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	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	0.0
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	—	—	—	0.0	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	0.0
Interest Expense	—	—	—	0.0	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	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	—	—	—	0.0	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	0.0
Increase/(Decrease) in Inventory	—	—	—	0.0	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	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	0.0	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	0.0
Interest Paid	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-2.8	0.0	-0.1	-2.7	0.0	0.0	-0.0	-2.9	0.0	0.0	0.0	-3.0
Other Operating Receipts	—	—	—	0.0	2.3	1.9	2.3	2.1	0.5	4.0	3.8	4.3
Other Operating Payments	9.6	-22.4	1.1	-12.5	-7.8	-35.5	19.2	-28.1	4.6	-15.0	-5.7	-8.0
Net Cash Flow from Operating Activities	12.7	21.4	20.7	12.9	21.4	-0.8	34.3	-6.0	16.9	19.4	20.4	24.8
Payments for Fixed Assets and Other Long-term Assets	-0.2	—	—	0.0	0.0	0.3	-0.3	0.0	-0.1	0.1	-0.1	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	0.0
Loans and Purchases of Debt Instruments	—	—	—	0.0	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	0.0
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	0.2	0.2	0.2	0.1	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1
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	0.1	0.2	0.2	0.1	0.0	0.3	-0.2	0.1	0.0	0.2	0.0	0.1
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	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	0.0	-6.3	-6.2	-6.2	-12.5	0.0	-6.2	-6.2	-6.2
Repayment of Finance Leases	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-27.0	-11.3	-16.7	-21.0	-0.0	8.8	-35.3	-2.5	-1.9	-9.1	-16.7	-10.2
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	-27.0	-11.3	-16.7	-21.0	-6.3	2.6	-41.5	-15.0	-1.9	-15.3	-22.9	-16.5
Net Cash Flow During the Period	-14.3	10.4	4.2	-8.1	15.2	2.2	-7.5	-20.9	15.0	4.2	-2.5	8.5
Cash and Cash Equivalents at Beginning of Period	27.6	17.2	13.1	21.2	32.2	32.2	32.2	32.2	6.9	6.9	6.9	6.9
FX Difference from Revaluation	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	13.3	27.6	17.2	13.1	21.2	6.0	3.8	11.3	32.2	17.1	12.9	15.4

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NTH

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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