NTL

Listed Company · HOSE

Price

16,000

Latest close

03 Apr 2026

P/E 70.5x

EPS (TTM) 227

ROE (TTM) 1.3%

P/B 1.2x

BVPS (Latest) 13,227

ROA (TTM) 1.1%

What Is Changing

NTL has not yet shown a broad-based top-line recovery. Revenue posted -98.8% YoY, but net margin reached 99.49% with an additional +56.5pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from 39.84% in 2023 to 99.49% in 2025.
Revenue decreased 98.8% YoY to VND 17.5bn in 2025.
Net Income fell to a multi-period low at VND 17.4bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	17.5	1,441.3	914.0	391.3	576.7
Growth	-99%	+58%	+134%	-32%	—
Net Income	17.4	620.1	364.2	106.5	238.5
Net Margin	99.49%	43.02%	39.84%	27.22%	41.36%

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	4.0	3.9	6.1	3.5	21.3	3.8	841.5	36.8	746.6	47.4	48.8	71.2
Growth	+5%	-37%	+76%	-84%	+465%	-100%	+2188%	-95%	+1475%	-3%	-31%	—
Net Income	0.4	12.7	1.9	6.4	-48.0	3.6	395.7	5.3	363.0	1.0	0.4	2.4
Net Margin	8.79%	329.02%	31.35%	182.50%	-225.68%	95.05%	47.02%	14.35%	48.62%	2.17%	0.89%	3.35%

Financial Statements

Profitability

Net margin reached 99.49% while Revenue posted -98.8% YoY.

Balance Sheet

Inventory stood at 567.2bn, liabilities at 274.4bn, and equity at 1,610.0bn.

Cash Flow

Operating cash flow was -662.5bn in 2025, while investing cash flow was 704.7bn.

Financing cash flow: -107.6bn.

Item	2025	2024	2023	2022	2021
Revenue	17.5	1,441.3	914.0	391.3	576.7
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	17.5	1,441.3	914.0	391.3	576.7
Cost of Goods Sold	16.0	561.8	400.6	228.1	0.0
Gross Profit	1.5	879.5	513.4	163.2	329.2
Financial Income	112.4	47.3	2.3	6.2	7.8
Financial Expenses	13.2	22.4	7.8	0.3	3.1
Interest Expense	0.0	0.1	9.0	0.0	-0.8
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	1.2	0.9	1.6	5.1	-8.4
General and Administrative Expenses	40.0	50.5	28.7	29.7	-25.2
Operating Profit	59.6	853.1	477.6	134.3	306.5
Other Income	4.4	1.0	3.0	0.4	0.0
Other Expenses	31.2	15.1	19.8	1.1	0.0
Other Profit	-26.8	-14.1	-16.8	-0.7	-6.4
Profit Before Tax	32.7	839.0	460.8	133.6	300.0
Current Income Tax Expense	15.3	218.9	96.6	27.1	-61.5
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	17.4	620.1	364.2	106.5	238.5
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	17.4	620.1	364.2	106.5	238.5
Earnings per Share	133.00	4,728.00	5,553.00	1,624.00	3,838.00
Diluted EPS	133.00	4,728.00	5,553.00	1,624.00	3,911.18

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,831.5	2,117.8	1,962.7	1,606.7	1,827.8
I. Cash and cash equivalents	511.7	577.0	479.3	26.2	371.1
1. Cash	30.2	18.0	14.1	24.2	0.0
2. Cash equivalents	481.5	559.0	465.3	2.0	0.0
II. Short-term financial investments	600.3	934.9	300.0	56.6	0.0
1. Available for sale securities	478.0	143.2	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	-24.2	-11.3	0.0	0.0	0.0
3. Held to maturity investments	146.5	803.0	300.0	56.6	0.0
III. Short-term receivables	148.9	104.9	172.2	236.5	276.9
1. Short-term trade accounts receivable	29.2	29.6	1.2	3.3	0.0
2. Short-term prepayments to suppliers	15.2	7.4	2.6	9.4	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	104.5	67.8	168.3	223.8	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	567.2	500.4	1,010.1	1,255.8	1,154.7
1. Inventories	567.2	500.4	1,010.1	1,255.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	3.4	0.6	1.1	31.6	25.1
1. Short-term prepayments	0.2	0.0	0.4	0.1	0.0
2. Value added tax to be reclaimed	3.2	0.6	0.0	30.9	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.7	0.7	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)	52.8	60.3	72.7	78.6	48.9
I. Long-term receivables	0.0	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	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	41.3	48.0	49.5	45.3	27.8
1. Tangible fixed assets	41.3	47.9	49.5	45.3	27.7
- Cost	63.6	66.2	66.9	74.3	0.0
- Accumulated depreciation	-22.3	-18.3	-17.3	-29.0	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	0.0	0.1	0.0	0.0	0.1
- Cost	0.4	0.4	0.3	0.3	0.0
- Accumulated depreciation	-0.4	-0.3	-0.3	-0.3	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	10.7	10.7	10.7	23.1	12.1
1. Long-term production in progress	10.7	10.7	10.7	23.1	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	9.5	8.3	8.3
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	26.0	26.0	26.0	26.0	0.0
4. Provision for diminution in value of long-term investments	-26.0	-26.0	-16.5	-17.7	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	0.8	1.5	2.9	1.9	0.0
1. Long-term prepayments	0.8	1.5	2.9	1.9	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	0.6
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)	1,884.4	2,178.1	2,035.3	1,685.3	1,876.7
A. LIABILITIES (300=210+330)	274.4	420.2	573.2	427.4	555.6
I. Short -term liabilities	249.1	409.3	562.3	416.5	544.7
1. Short-term trade accounts payable	10.7	5.3	15.6	44.4	40.2
2. Short-term advances from customers	3.8	3.9	18.5	88.3	225.3
3. Taxes and other payables to state authorities	19.7	194.9	140.3	21.2	0.0
4. Payable to employees	7.6	8.1	7.8	7.7	0.0
5. Short-term acrrued expenses	9.7	14.5	9.7	14.7	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	168.9	169.6	211.0	223.7	0.0
10. Short-term borrowings and financial leases	—	0.0	149.7	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	28.7	13.1	9.7	16.4	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	25.2	10.9	10.9	10.9	10.9
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	10.9	10.9	10.9	10.9	0.0
8. Long-term borrowings and financial leases	14.4	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	0.0	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)	1,610.0	1,757.9	1,462.2	1,257.9	1,321.1
I. Owner's equity	1,610.0	1,757.9	1,462.2	1,257.9	0.0
1. Owner's capital	1,219.8	1,219.8	609.9	609.9	1,321.1
- Common stock with voting right	1,219.8	1,219.8	609.9	609.9	609.9
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	—	0.0	-104.5	-104.5	-104.5
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	—	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	390.2	538.1	956.8	752.5	815.8
- Accumulated retained earning at the end of the previous period	372.8	64.4	592.6	646.0	577.2
- Undistributed earnings in this period	17.4	473.7	364.2	106.5	238.5
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)	1,884.4	2,178.1	2,035.3	1,685.3	1,876.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	32.7	839.0	460.8	133.6	0.0
Depreciation of Fixed Assets and Investment Property	4.7	4.7	3.8	3.5	0.0
Provision (Increase)/Reversal	12.9	20.8	-1.2	0.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-44.5	-46.0	-2.6	-6.2	0.0
Interest Expense	0.0	0.1	9.0	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	5.9	818.6	469.8	131.2	0.0
Increase/(Decrease) in Receivables	-48.4	68.6	95.1	33.0	0.0
Increase/(Decrease) in Inventory	-66.8	509.7	258.1	-128.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-8.8	-111.6	-75.4	-106.4	0.0
Increase/(Decrease) in Prepaid Expenses	0.6	1.7	-1.3	0.1	0.0
Changes in Trading Securities	-334.9	-143.2	0.0	0.0	0.0
Interest Paid	-0.0	-0.1	-9.0	0.0	0.0
Corporate Income Tax Paid	-194.7	-121.3	-20.5	-50.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-15.4	-14.8	-12.1	-15.9	0.0
Net Cash Flow from Operating Activities	-662.5	1,007.7	704.7	-137.0	285.4
Payments for Fixed Assets and Other Long-term Assets	2.0	-3.2	-8.0	-4.5	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.4	0.2	0.3	0.0	-6.5
Loans and Purchases of Debt Instruments	-496.5	-1,891.0	-300.0	-136.9	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	1,153.0	1,388.0	56.6	80.3	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	43.9	44.5	2.3	5.7	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	704.7	-461.4	-248.8	-55.4	-2.0
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	14.4	0.0	149.7	0.0	0.0
Repayment of Borrowings	—	-149.7	0.0	0.0	-30.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-122.0	-298.9	-152.5	-152.5	-149.5
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	-107.6	-448.6	-2.8	-152.5	-179.5
Net Cash Flow During the Period	-65.4	97.7	453.2	-344.9	162.9
Cash and Cash Equivalents at Beginning of Period	577.0	479.3	26.2	371.1	288.3
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	511.7	577.0	479.3	26.2	371.1

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
Revenue	4.0	3.9	6.1	3.5	21.3	3.8	841.5	36.8	746.6	47.4	48.8	71.2
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	4.0	3.9	6.1	3.5	21.3	3.8	841.5	36.8	746.6	47.4	48.8	71.2
Cost of Goods Sold	3.4	4.5	10.6	2.7	8.7	2.7	338.4	15.4	258.6	37.2	41.4	63.4
Gross Profit	0.6	-0.6	-4.5	0.8	12.6	1.0	503.0	21.4	488.0	10.2	7.5	7.8
Financial Income	22.0	57.6	20.9	13.0	20.1	15.3	8.0	3.8	1.7	0.6	0.0	0.0
Financial Expenses	15.7	8.4	-0.4	-10.6	11.1	0.1	0.0	11.2	6.0	2.2	0.8	-1.2
Interest Expense	—	—	—	—	0.0	0.0	0.0	1.6	6.0	2.2	0.8	0.0
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.6	0.5	0.0	0.1	0.2	0.0	0.3	0.3	0.4	0.1	0.4	0.6
General and Administrative Expenses	10.0	9.2	10.0	10.8	15.1	12.2	16.0	7.2	10.2	6.6	6.2	6.3
Operating Profit	-3.6	38.9	6.7	13.5	6.3	4.1	494.8	6.5	473.1	1.8	0.1	2.1
Other Income	4.3	0.0	0.0	0.0	0.0	0.0	0.0	0.8	0.1	0.2	1.1	1.6
Other Expenses	0.2	17.4	3.5	4.5	14.1	0.1	0.0	0.6	15.2	0.8	0.5	0.6
Other Profit	4.1	-17.4	-3.5	-4.4	-14.1	-0.1	-0.0	0.2	-15.2	-0.6	0.6	1.0
Profit Before Tax	0.5	21.5	3.3	9.1	-7.7	3.9	494.7	6.6	457.9	1.2	0.7	3.1
Current Income Tax Expense	0.1	8.8	1.4	2.7	40.2	0.3	99.0	1.4	94.9	0.2	0.2	0.7
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.4	12.7	1.9	6.4	-48.0	3.6	395.7	5.3	363.0	1.0	0.4	2.4
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.4	12.7	1.9	6.4	-48.0	3.6	395.7	5.3	363.0	1.0	0.4	2.4
Earnings per Share	3.00	104.00	16.00	104.00	-786.00	59.00	6,488.00	87.00	5,952.00	17.00	7.00	39.00
Diluted EPS	2.91	104.13	15.78	52.08	-393.17	29.31	6,487.75	86.53	5,952.11	16.85	7.13	39.15

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)	1,832.6	1,921.0	1,900.5	1,912.2	2,117.8	2,297.2	2,595.3	1,627.2	1,955.2	1,552.5	1,531.5	1,489.5
I. Cash and cash equivalents	511.7	514.7	598.3	197.5	577.0	387.3	203.8	160.6	16.6	37.6	94.4	21.6
1. Cash	30.2	48.2	61.8	15.5	18.0	20.3	8.8	11.6	14.1	11.0	4.4	6.6
2. Cash equivalents	481.5	466.5	536.5	182.0	559.0	367.0	195.0	149.0	2.6	26.6	90.0	15.0
II. Short-term financial investments	601.5	774.6	664.0	1,086.3	934.9	1,300.3	1,400.0	300.0	762.7	0.0	0.0	0.0
1. Available for sale securities	479.2	473.6	364.2	234.0	143.2	150.4	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	-24.2	-8.5	-0.2	-0.7	-11.3	-0.1	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	146.5	309.5	300.0	853.0	803.0	1,150.0	1,400.0	300.0	762.7	0.0	0.0	0.0
III. Short-term receivables	148.9	125.5	119.1	116.4	104.9	101.6	296.2	183.6	172.2	242.1	238.3	237.5
1. Short-term trade accounts receivable	29.2	29.2	29.5	29.6	29.6	29.6	237.4	1.2	1.2	3.3	3.8	3.8
2. Short-term prepayments to suppliers	15.2	9.4	6.1	5.2	7.4	7.6	9.0	4.7	2.6	10.8	12.9	9.5
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	104.5	86.9	83.5	81.5	67.8	64.4	49.8	177.7	168.3	228.0	221.7	224.1
7. Provision for short-term doubtful debts (*)	—	—	—	—	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
IV. Inventories	567.2	505.7	519.0	510.5	500.4	507.7	695.1	982.6	1,002.6	1,241.2	1,167.4	1,198.6
1. Inventories	567.2	505.7	519.0	510.5	500.4	507.7	695.1	982.6	1,002.6	1,241.2	1,167.4	1,198.6
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	3.4	0.6	0.2	1.5	0.6	0.2	0.2	0.4	1.1	31.6	31.3	31.8
1. Short-term prepayments	0.2	0.0	—	—	0.0	0.1	0.2	0.3	0.4	0.1	0.2	0.2
2. Value added tax to be reclaimed	3.2	0.6	0.2	1.5	0.6	0.1	0.0	0.1	0.0	30.8	30.5	30.1
3. Taxes and other receivables from state authorities	—	—	—	—	0.0	0.0	0.0	0.0	0.7	0.7	0.7	0.7
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	0.8
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	52.8	56.6	57.3	58.9	60.3	62.0	63.0	62.2	82.3	92.5	92.0	83.4
I. Long-term receivables	0.0	0.0	0.0	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
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	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	41.3	45.0	45.5	46.8	48.0	49.2	49.7	48.5	60.1	43.1	44.1	44.3
1. Tangible fixed assets	41.3	44.9	45.5	46.7	47.9	49.2	49.7	48.5	60.1	43.1	44.1	44.3
- Cost	—	—	—	—	66.2	69.9	69.2	66.9	77.5	70.4	70.4	69.7
- Accumulated depreciation	—	—	—	—	-18.3	-20.8	-19.5	-18.4	-17.3	-27.2	-26.3	-25.3
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	0.0	0.1	0.1	0.1	0.1	0.1	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
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	10.7	10.7	10.7	10.7	10.7	10.7	10.7	10.7	10.7	37.2	36.1	27.8
1. Long-term production in progress	10.7	10.7	10.7	10.7	10.7	10.7	10.7	10.7	10.7	10.7	36.1	27.8
2. Construction in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	26.4	0.0	0.0
V. Long-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	9.5	9.5	9.5	9.5
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	26.0	26.0	26.0	26.0	26.0	26.0	26.0	26.0	26.0	26.0	26.0	26.0
4. Provision for diminution in value of long-term investments	-26.0	-26.0	-26.0	-26.0	-26.0	-26.0	-26.0	-26.0	-16.5	-16.5	-16.5	-16.5
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	0.8	0.9	1.0	1.4	1.5	2.1	2.6	3.0	1.9	2.6	2.3	1.7
1. Long-term prepayments	0.8	0.9	1.0	1.4	1.5	2.1	2.6	3.0	1.9	2.6	2.3	1.7
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)	1,885.5	1,977.7	1,957.8	1,971.1	2,178.1	2,359.2	2,658.3	1,689.4	2,037.5	1,645.0	1,623.5	1,572.9
A. LIABILITIES (300=210+330)	272.1	242.6	235.0	206.8	432.7	419.5	973.1	221.9	572.7	543.2	370.2	312.6
I. Short -term liabilities	261.2	231.8	224.1	195.9	421.9	408.6	962.3	211.1	561.8	532.3	359.4	301.7
1. Short-term trade accounts payable	10.7	2.0	2.2	3.3	5.3	4.6	5.6	5.9	15.6	11.5	18.7	17.5
2. Short-term advances from customers	3.8	3.8	4.4	3.9	3.9	12.4	11.5	16.2	18.5	21.5	55.5	35.8
3. Taxes and other payables to state authorities	17.4	11.8	3.0	4.3	208.5	188.1	201.6	7.3	139.8	2.7	2.7	3.4
4. Payable to employees	7.6	1.9	1.8	1.5	8.1	1.9	1.9	1.1	7.8	1.5	1.5	1.3
5. Short-term acrrued expenses	9.7	9.4	9.3	11.0	13.5	15.8	16.1	9.4	9.7	6.5	6.5	8.5
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	538.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	168.9	170.7	170.4	169.4	169.6	169.3	169.6	170.1	211.0	326.8	174.1	226.7
10. Short-term borrowings and financial leases	14.4	—	—	—	0.0	0.0	0.0	0.0	149.7	149.7	87.3	0.0
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	28.7	32.1	33.0	2.6	13.1	16.5	17.9	1.0	9.7	12.0	13.1	8.5
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	10.9	10.9	10.9	10.9	10.9	10.9	10.9	10.9	10.9	10.9	10.9	10.9
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	10.9	10.9	10.9	10.9	10.9	10.9	10.9	10.9	10.9	10.9	10.9	10.9
8. Long-term borrowings and financial leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	—	—	—	0.0	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)	1,613.4	1,735.0	1,722.8	1,764.3	1,745.4	1,939.7	1,685.2	1,467.5	1,464.8	1,101.8	1,253.3	1,260.3
I. Owner's equity	1,613.4	1,735.0	1,722.8	1,764.3	1,745.4	1,939.7	1,685.2	1,467.5	1,464.8	1,101.8	1,253.3	1,260.3
1. Owner's capital	1,219.8	1,219.8	1,219.8	1,219.8	1,219.8	1,219.8	609.9	609.9	609.9	609.9	609.9	609.9
- Common stock with voting right	1,219.8	1,219.8	1,219.8	1,219.8	1,219.8	1,219.8	609.9	609.9	609.9	609.9	609.9	609.9
- 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	-104.5	-104.5	-104.5	-104.5	-104.5
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	393.6	515.2	503.0	544.5	525.6	719.9	1,075.3	962.1	959.4	596.4	747.9	754.9
- Accumulated retained earning at the end of the previous period	372.8	494.7	494.7	538.1	64.4	64.4	674.3	956.8	592.6	592.6	745.1	752.5
- Undistributed earnings in this period	20.9	20.5	8.3	6.4	461.2	655.5	401.0	5.3	366.8	3.8	2.8	2.4
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,885.5	1,977.7	1,957.8	1,971.1	2,178.1	2,359.2	2,658.3	1,689.4	2,037.5	1,645.0	1,623.5	1,572.9

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	20.8	—	11.9	—	0.0	-843.8	843.8	0.0	460.8	-3.8	3.8	0.0
Depreciation of Fixed Assets and Investment Property	2.2	—	2.5	—	0.0	-2.2	2.2	0.0	3.8	-1.9	1.9	0.0
Provision (Increase)/Reversal	24.0	—	-11.1	—	0.0	-9.5	9.5	0.0	-1.2	1.2	-1.2	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	-20.8	—	-23.6	—	0.0	11.8	-11.8	0.0	-2.6	0.3	-0.3	0.0
Interest Expense	0.0	—	—	—	0.0	-0.1	0.1	0.0	9.0	-0.8	0.8	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	26.3	—	-20.3	—	0.0	-843.9	843.9	0.0	469.8	-4.9	4.9	0.0
Increase/(Decrease) in Receivables	-33.2	—	-15.2	—	0.0	122.3	-122.3	0.0	95.1	3.0	-3.0	0.0
Increase/(Decrease) in Inventory	-48.2	—	-18.6	—	0.0	-510.5	510.5	0.0	258.1	-88.4	88.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	17.6	—	-26.4	—	0.0	6.6	-6.6	0.0	-75.4	125.4	-125.4	0.0
Increase/(Decrease) in Prepaid Expenses	0.1	—	0.5	—	0.0	-0.7	0.7	0.0	-1.3	0.5	-0.5	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	0.1	-0.1	0.0	-9.0	0.8	-0.8	0.0
Corporate Income Tax Paid	0.0	-0.1	-2.6	-192.1	-11.3	-13.9	-5.0	-91.7	-0.0	-1.3	-0.2	-18.9
Other Operating Receipts	—	—	—	—	-132.2	186.4	-35.1	35.1	-96.5	96.5	-83.7	83.7
Other Operating Payments	312.7	-316.9	173.6	-184.8	449.8	-1,387.9	111.9	-121.9	-6.4	3.0	-7.3	-1.4
Net Cash Flow from Operating Activities	-569.8	414.1	-126.3	-380.6	321.4	-911.3	1,288.4	-169.1	843.3	-74.4	-59.3	-4.9
Payments for Fixed Assets and Other Long-term Assets	2.1	-0.0	-0.0	—	0.0	0.0	-2.6	0.0	-7.4	12.8	-13.4	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.4	—	—	—	0.9	0.0	0.0	0.0	0.0	0.0	0.0	0.3
Loans and Purchases of Debt Instruments	-146.5	—	-350.0	—	0.0	1,150.0	-1,150.0	0.0	-300.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	300.0	—	853.0	—	0.0	-300.0	300.0	0.0	56.6	-56.6	56.6	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	13.5	5.3	24.0	1.1	13.8	-5.2	9.8	0.0	1.7	-1.0	1.6	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	674.4	-497.7	527.0	1.1	14.7	844.9	-842.8	0.0	-249.0	-44.9	44.8	0.3
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	14.4	—	—	—	0.0	0.0	0.0	0.0	0.0	62.4	87.3	0.0
Repayment of Borrowings	—	—	—	—	0.0	0.0	0.0	-149.7	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-122.0	—	—	—	-146.4	0.0	-152.5	0.0	-152.5	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	-107.6	—	—	—	-146.4	0.0	-152.5	-149.7	-152.5	62.4	87.3	0.0
Net Cash Flow During the Period	-3.0	-83.6	400.7	-379.5	189.7	-66.4	293.2	-318.8	441.8	-56.8	72.7	-4.5
Cash and Cash Equivalents at Beginning of Period	514.7	598.3	197.5	577.0	479.3	479.3	479.3	479.3	26.2	26.2	26.2	26.2
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	511.7	514.7	598.3	197.5	577.0	387.3	453.8	160.6	479.3	37.6	94.4	21.6

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Financial Statements

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Balance Sheet

Cash Flow

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