NTP

Listed Company · HNX

Price

55,800

Latest close

03 Apr 2026

P/E 8.7x

EPS (TTM) 6,428

ROE (TTM) 25.1%

P/B 2.3x

BVPS (Latest) 24,742

ROA (TTM) 14.8%

What Is Changing

NTP no longer looks like a business simply rebounding from a weak base. Revenue posted +19.3% YoY, while net margin reached 14.71% with an additional +1.7pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from 10.81% in 2023 to 14.71% in 2025.
Revenue growth accelerated to 19.3% in 2025, up 10.1pp versus the prior year.
Net Income reached a multi-period high at VND 992.9bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	6,750.8	5,656.6	5,175.9	5,685.1	4,772.4
Growth	+19%	+9%	-9%	+19%	—
Net Income	992.9	735.7	559.4	479.5	465.3
Net Margin	14.71%	13.01%	10.81%	8.44%	9.75%

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	1,881.4	1,609.6	1,990.8	1,269.1	1,826.1	1,201.4	1,680.4	948.7	1,350.6	1,301.2	1,224.3	1,299.8
Growth	+17%	-19%	+57%	-31%	+52%	-29%	+77%	-30%	+4%	+6%	-6%	—
Net Income	202.8	257.6	320.5	211.9	216.5	171.9	238.2	109.0	164.7	148.2	128.2	118.4
Net Margin	10.78%	16.00%	16.10%	16.70%	11.86%	14.31%	14.18%	11.49%	12.19%	11.39%	10.47%	9.11%

Financial Statements

Profitability

Net margin reached 14.71% while Revenue posted +19.3% YoY.

Balance Sheet

Inventory stood at 1,441.1bn, liabilities at 2,815.9bn, and equity at 4,231.8bn.

Cash Flow

Operating cash flow was 769.4bn in 2025, while investing cash flow was -182.6bn.

Financing cash flow: -673.2bn.

Item	2025	2024	2023	2022	2021
Revenue	6,950.0	5,828.5	5,304.8	5,833.5	4,995.5
Revenue Deductions	199.2	172.0	129.0	148.4	0.0
Net Revenue	6,750.8	5,656.6	5,175.9	5,685.1	4,772.4
Cost of Goods Sold	4,658.2	3,886.6	3,619.6	4,294.5	0.0
Gross Profit	2,092.6	1,769.9	1,556.2	1,390.6	1,089.8
Financial Income	167.6	91.6	65.7	64.4	44.3
Financial Expenses	168.2	139.2	159.2	141.9	-75.3
Interest Expense	80.3	48.9	90.1	78.6	-41.4
Share of Associates and Joint Ventures	44.2	22.8	14.9	24.4	22.6
Selling Expenses	640.3	632.9	632.4	620.4	-404.5
General and Administrative Expenses	294.9	227.2	190.1	154.4	-137.2
Operating Profit	1,201.0	885.1	655.2	562.7	539.7
Other Income	13.2	9.2	5.6	3.9	0.0
Other Expenses	18.0	5.8	1.5	2.1	0.0
Other Profit	-4.8	3.4	4.1	1.8	8.3
Profit Before Tax	1,196.2	888.5	659.3	564.5	548.0
Current Income Tax Expense	203.1	152.6	99.6	84.7	-82.7
Deferred Income Tax Expense	0.2	0.2	0.2	0.3	0.0
Net Income	992.9	735.7	559.4	479.5	465.3
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	992.9	735.7	559.4	479.5	465.3
Earnings per Share	5,224.00	4,661.00	3,891.00	3,349.00	3,721.00
Diluted EPS	5,804.94	5,161.35	4,317.29	3,700.86	3,950.08

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	5,142.6	4,472.9	3,501.2	3,075.8	2,721.7
I. Cash and cash equivalents	446.3	532.9	485.3	167.9	842.5
1. Cash	185.0	291.9	474.8	127.9	0.0
2. Cash equivalents	261.3	241.0	10.5	40.1	0.0
II. Short-term financial investments	2,679.0	2,492.0	950.0	432.9	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	2,679.0	2,492.0	950.0	432.9	0.0
III. Short-term receivables	525.2	428.2	889.5	890.9	785.4
1. Short-term trade accounts receivable	374.4	388.3	869.3	866.4	0.0
2. Short-term prepayments to suppliers	157.1	66.8	48.0	73.4	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	49.8	28.7	27.2	13.2	0.0
7. Provision for short-term doubtful debts (*)	-56.1	-55.5	-55.0	-62.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1,441.1	1,005.1	1,158.6	1,535.1	1,081.5
1. Inventories	1,441.6	1,005.2	1,158.6	1,538.9	0.0
2. Provision for decline in value of inventories	-0.6	-0.0	0.0	-3.7	0.0
V. Other short-term assets	51.0	14.6	17.7	49.0	12.3
1. Short-term prepayments	47.2	12.5	16.9	12.7	0.0
2. Value added tax to be reclaimed	0.4	1.8	0.4	35.9	0.0
3. Taxes and other receivables from state authorities	3.4	0.4	0.4	0.4	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)	1,905.0	1,942.0	1,952.5	1,988.0	2,176.5
I. Long-term receivables	8.3	0.0	0.0	0.0	0.0
1. Long-term trade receivables	8.3	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	1,237.1	1,265.5	1,328.5	1,410.7	1,463.9
1. Tangible fixed assets	1,237.1	1,258.4	1,321.4	1,403.4	1,456.3
- Cost	3,299.7	3,186.3	3,116.1	3,062.3	0.0
- Accumulated depreciation	-2,062.7	-1,927.9	-1,794.6	-1,658.9	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	—	7.1	7.1	7.3	7.6
- Cost	9.9	17.0	17.0	17.0	0.0
- Accumulated depreciation	-9.9	-9.9	-9.9	-9.6	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	40.6	11.1	47.4	8.7	36.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	40.6	11.1	47.4	8.7	0.0
V. Long-term financial investments	513.8	520.0	442.3	424.2	549.8
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	403.7	360.0	337.7	329.5	0.0
3. Investments in other entities	101.4	101.4	96.0	96.0	0.0
4. Provision for diminution in value of long-term investments	-1.3	-1.3	-1.3	-1.3	0.0
5. Held to maturity investments	10.0	60.0	10.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	105.4	145.4	134.3	144.4	0.0
1. Long-term prepayments	104.8	144.6	133.2	143.2	0.0
2. Deferred income tax assets	0.6	0.8	1.0	1.3	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	126.3
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)	7,047.7	6,414.9	5,453.7	5,063.8	4,898.2
A. LIABILITIES (300=210+330)	2,815.9	2,748.5	2,338.2	2,233.0	2,192.7
I. Short -term liabilities	2,815.9	2,748.5	2,338.2	2,233.0	2,176.0
1. Short-term trade accounts payable	276.2	313.9	313.3	287.1	232.9
2. Short-term advances from customers	923.3	669.0	10.5	44.2	97.6
3. Taxes and other payables to state authorities	222.1	71.9	60.0	30.5	0.0
4. Payable to employees	55.0	54.7	60.9	60.7	0.0
5. Short-term acrrued expenses	139.7	121.2	147.4	65.8	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	30.2	29.1	23.9	39.6	0.0
10. Short-term borrowings and financial leases	1,164.9	1,481.8	1,702.7	1,699.3	1,594.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	4.6	6.9	19.5	5.8	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	0.0	16.7
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	0.0	16.7
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)	4,231.8	3,666.4	3,115.5	2,830.8	2,705.5
I. Owner's equity	4,231.8	3,666.4	3,115.5	2,830.8	0.0
1. Owner's capital	1,710.4	1,425.3	1,295.8	1,295.8	2,705.5
- Common stock with voting right	1,710.4	1,425.3	1,295.8	1,295.8	1,178.0
- 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	1,217.6	1,217.6	1,174.3	1,023.2	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	1,303.8	1,023.4	645.5	511.9	493.0
- Accumulated retained earning at the end of the previous period	310.9	287.8	280.4	256.7	234.4
- Undistributed earnings in this period	992.9	735.7	365.1	255.2	258.6
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)	7,047.7	6,414.9	5,453.7	5,063.8	4,898.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	1,196.2	888.5	659.3	564.5	548.0
Depreciation of Fixed Assets and Investment Property	149.4	152.9	159.0	158.6	126.2
Provision (Increase)/Reversal	1.1	0.6	-10.8	-1.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	-0.1	0.2	6.1	0.0
Gain/Loss from Investment Activities	-211.6	-115.0	-78.3	-78.6	0.0
Interest Expense	80.3	48.9	90.1	78.6	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	1,215.4	975.8	819.4	727.9	670.9
Increase/(Decrease) in Receivables	-44.8	495.6	74.5	-154.6	0.0
Increase/(Decrease) in Inventory	-436.5	153.5	380.2	-453.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	249.4	622.8	31.2	-8.5	0.0
Increase/(Decrease) in Prepaid Expenses	5.0	-10.5	2.1	-17.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-79.2	-50.5	-91.1	-75.4	0.0
Corporate Income Tax Paid	-66.6	-134.8	-81.6	-93.7	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-73.4	-67.8	-1.9	-40.1	0.0
Net Cash Flow from Operating Activities	769.4	1,984.0	1,132.8	-115.9	330.2
Payments for Fixed Assets and Other Long-term Assets	-206.2	-76.3	-87.1	-107.3	-92.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	11.1	1.0	0.5	1.0	6.3
Loans and Purchases of Debt Instruments	-3,042.0	-3,092.0	-1,410.0	-838.3	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	2,905.0	1,500.0	882.9	1,255.4	0.0
Investments in Other Entities	—	-5.4	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	149.5	86.7	56.4	59.5	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	-182.6	-1,586.0	-557.3	370.4	-69.9
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	5,012.2	3,667.5	3,495.3	4,618.1	3,564.9
Repayment of Borrowings	-5,329.1	-3,888.4	-3,494.2	-4,534.8	-2,899.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-356.3	-129.6	-259.2	-312.2	-295.5
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	-673.2	-350.5	-258.0	-228.9	370.0
Net Cash Flow During the Period	-86.5	47.5	317.4	25.5	70.2
Cash and Cash Equivalents at Beginning of Period	532.9	485.3	167.9	142.5	212.2
FX Difference from Revaluation	-0.1	0.0	-0.0	-0.1	0.0
Cash and Cash Equivalents at End of Period	446.3	532.9	485.3	167.9	842.5

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	1,926.6	1,658.8	2,056.4	1,308.3	1,884.5	1,221.9	1,760.2	962.0	1,373.5	1,373.7	1,236.5	1,321.1
Revenue Deductions	45.2	49.2	65.6	39.3	58.4	20.5	79.8	13.3	22.9	72.5	12.2	21.3
Net Revenue	1,881.4	1,609.6	1,990.8	1,269.1	1,826.1	1,201.4	1,680.4	948.7	1,350.6	1,301.2	1,224.3	1,299.8
Cost of Goods Sold	1,284.0	1,110.6	1,353.0	910.6	1,226.3	858.9	1,127.2	674.3	901.3	909.8	885.5	923.0
Gross Profit	597.5	499.0	637.8	358.4	599.8	342.5	553.2	274.4	449.2	391.4	338.8	376.8
Financial Income	43.2	46.9	40.9	36.6	30.9	24.7	20.4	15.5	11.5	27.5	21.6	5.2
Financial Expenses	56.4	37.8	51.7	22.4	58.2	17.3	43.0	20.7	54.9	28.2	30.5	45.6
Interest Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	31.9
Share of Associates and Joint Ventures	1.6	4.5	19.4	18.8	9.1	2.9	7.7	3.0	14.4	-5.5	6.1	-0.1
Selling Expenses	231.0	131.4	186.2	91.7	242.2	91.4	205.0	94.3	171.5	166.8	131.4	162.7
General and Administrative Expenses	98.1	68.8	80.8	47.2	77.2	50.1	52.0	47.9	54.5	41.8	54.7	39.2
Operating Profit	256.8	312.4	379.4	252.4	262.4	211.4	281.3	130.0	194.2	176.7	149.8	134.5
Other Income	0.9	1.6	9.3	1.4	3.8	1.1	3.6	0.6	1.8	0.8	1.9	1.0
Other Expenses	10.4	0.3	7.1	0.2	1.9	3.5	0.4	0.1	1.3	-0.0	0.0	0.1
Other Profit	-9.5	1.3	2.2	1.2	2.0	-2.4	3.3	0.5	0.5	0.8	1.9	0.9
Profit Before Tax	247.3	313.7	381.6	253.6	264.3	209.0	284.6	130.5	194.6	177.5	151.7	135.4
Current Income Tax Expense	44.4	56.1	61.0	41.7	47.7	37.1	46.3	21.5	29.9	29.3	23.5	17.0
Deferred Income Tax Expense	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.1	0.1	0.1	0.1	0.1
Net Income	202.8	257.6	320.5	211.9	216.5	171.9	238.2	109.0	164.7	148.2	128.2	118.4
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	202.8	257.6	320.5	211.9	216.5	171.9	238.2	109.0	164.7	148.2	128.2	118.4
Earnings per Share	1,186.00	1,506.00	2,249.00	1,487.00	1,519.00	1,206.00	1,839.00	841.00	1,271.00	1,144.00	989.00	914.00
Diluted EPS	1,185.96	1,506.03	2,248.71	1,486.82	1,519.22	1,205.97	1,838.54	841.23	1,270.78	1,143.61	989.29	913.62

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)	5,142.6	5,027.2	4,752.6	4,091.8	4,472.9	3,655.4	3,677.9	3,263.4	3,501.2	3,217.9	2,979.9	3,329.3
I. Cash and cash equivalents	446.3	216.9	310.9	178.0	532.9	226.7	275.9	252.5	485.3	546.0	455.8	988.5
1. Cash	185.0	146.4	310.9	178.0	291.9	226.7	275.9	252.5	474.8	535.5	245.4	978.3
2. Cash equivalents	261.3	70.5	—	—	241.0	0.0	0.0	0.0	10.5	10.5	210.3	10.2
II. Short-term financial investments	2,679.0	2,679.0	2,709.0	2,176.0	2,492.0	1,650.0	1,850.0	1,000.0	950.0	950.0	580.0	282.9
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	2,679.0	2,679.0	2,709.0	2,176.0	2,492.0	1,650.0	1,850.0	1,000.0	950.0	950.0	580.0	282.9
III. Short-term receivables	525.2	782.9	547.3	695.8	428.2	635.6	562.1	682.8	889.5	722.8	832.7	819.5
1. Short-term trade accounts receivable	374.4	639.1	457.9	562.5	388.3	595.3	531.3	659.9	869.3	672.2	824.2	790.2
2. Short-term prepayments to suppliers	157.1	136.8	117.1	139.0	66.8	62.8	60.9	59.0	48.0	80.2	51.9	76.1
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	49.8	65.9	30.7	49.8	28.7	32.2	23.2	18.9	27.2	32.5	18.7	15.3
7. Provision for short-term doubtful debts (*)	-56.1	-58.9	-58.4	-55.5	-55.5	-54.7	-53.3	-55.0	-55.0	-62.1	-62.1	-62.1
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1,441.1	1,327.3	1,169.0	1,023.5	1,005.1	1,122.7	969.5	1,300.8	1,158.6	985.7	1,098.3	1,229.0
1. Inventories	1,441.6	1,327.4	1,169.1	1,023.5	1,005.2	1,122.7	969.5	1,300.8	1,158.6	989.5	1,102.0	1,232.7
2. Provision for decline in value of inventories	-0.6	-0.0	-0.0	-0.0	-0.0	0.0	0.0	0.0	0.0	-3.7	-3.7	-3.7
V. Other short-term assets	51.0	21.2	16.3	18.5	14.6	20.4	20.3	27.3	17.7	13.3	13.2	9.4
1. Short-term prepayments	47.2	20.4	15.0	14.4	12.5	15.3	18.1	17.1	16.9	12.5	12.4	8.6
2. Value added tax to be reclaimed	0.4	0.4	1.0	3.7	1.8	3.2	0.4	9.7	0.4	0.4	0.4	0.4
3. Taxes and other receivables from state authorities	3.4	0.4	0.4	0.4	0.4	1.9	1.9	0.4	0.4	0.4	0.4	0.4
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)	1,905.0	1,893.0	1,939.8	1,933.4	1,942.0	1,942.4	1,918.5	1,925.4	1,952.5	1,959.1	1,985.8	1,980.1
I. Long-term receivables	8.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	8.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,237.1	1,229.4	1,227.6	1,244.5	1,265.5	1,284.5	1,281.3	1,298.3	1,328.5	1,339.9	1,375.1	1,376.7
1. Tangible fixed assets	1,237.1	1,229.4	1,227.6	1,237.4	1,258.4	1,277.4	1,274.2	1,291.2	1,321.4	1,332.8	1,367.9	1,369.5
- Cost	—	—	—	—	3,186.3	3,177.7	3,137.9	3,121.2	3,116.1	3,091.7	3,090.4	3,065.8
- Accumulated depreciation	—	—	—	—	-1,927.9	-1,900.3	-1,863.8	-1,830.0	-1,794.6	-1,759.0	-1,722.4	-1,696.3
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	—	—	—	7.1	7.1	7.1	7.1	7.1	7.1	7.1	7.2	7.2
- 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
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	40.6	28.9	14.0	9.5	11.1	15.2	47.5	47.5	47.4	53.1	44.8	39.5
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	40.6	28.9	14.0	9.5	11.1	15.2	47.5	47.5	47.4	53.1	44.8	39.5
V. Long-term financial investments	513.8	512.2	557.7	538.8	520.0	510.9	457.9	450.7	442.3	434.7	430.2	424.1
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	403.7	402.1	397.7	378.8	360.0	350.9	347.9	340.7	337.7	330.1	335.5	329.5
3. Investments in other entities	101.4	101.4	101.4	101.4	101.4	101.4	101.4	101.4	96.0	96.0	96.0	96.0
4. Provision for diminution in value of long-term investments	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3
5. Held to maturity investments	10.0	10.0	60.0	60.0	60.0	60.0	10.0	10.0	10.0	10.0	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	105.4	122.6	140.5	140.6	145.4	131.8	131.7	128.8	134.3	131.4	135.7	139.8
1. Long-term prepayments	104.8	122.0	139.8	139.9	144.6	131.0	130.8	127.9	133.2	130.4	134.6	138.6
2. Deferred income tax assets	0.6	0.6	0.7	0.7	0.8	0.9	0.9	1.0	1.0	1.1	1.1	1.2
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)	7,047.7	6,920.3	6,692.4	6,025.2	6,414.9	5,597.8	5,596.4	5,188.9	5,453.7	5,177.0	4,965.7	5,309.4
A. LIABILITIES (300=210+330)	2,815.9	2,891.3	2,921.0	2,360.7	2,748.5	2,148.0	2,318.4	1,964.4	2,338.2	2,031.8	1,968.7	2,360.2
I. Short -term liabilities	2,815.9	2,891.3	2,921.0	2,360.7	2,748.5	2,148.0	2,318.4	1,964.4	2,338.2	2,031.8	1,968.7	2,360.2
1. Short-term trade accounts payable	276.2	195.4	200.4	265.7	313.9	333.4	202.5	207.4	313.3	193.7	149.2	206.5
2. Short-term advances from customers	923.3	255.7	487.6	100.9	669.0	146.7	791.1	122.4	10.5	212.1	58.0	413.6
3. Taxes and other payables to state authorities	222.1	187.5	133.3	46.7	71.9	89.6	59.4	21.9	60.0	83.9	26.0	42.9
4. Payable to employees	55.0	92.3	88.6	74.8	54.7	98.0	89.8	77.8	60.9	78.5	85.0	63.4
5. Short-term acrrued expenses	139.7	134.5	146.8	114.1	121.2	94.6	138.4	80.6	147.4	116.2	91.3	131.4
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	30.2	36.3	30.6	25.8	29.1	33.3	31.5	25.4	23.9	28.2	42.4	36.7
10. Short-term borrowings and financial leases	1,164.9	1,984.0	1,827.2	1,726.7	1,481.8	1,294.9	947.5	1,410.2	1,702.7	1,299.2	1,496.3	1,460.6
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	4.6	5.7	6.4	6.1	6.9	57.5	58.3	18.7	19.5	19.9	20.4	5.2
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	—	—	—	—	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
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	—	—	—	—	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
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)	4,231.8	4,029.0	3,771.4	3,664.5	3,666.4	3,449.8	3,277.9	3,224.5	3,115.5	3,145.2	2,997.0	2,949.2
I. Owner's equity	4,231.8	4,029.0	3,771.4	3,664.5	3,666.4	3,449.8	3,277.9	3,224.5	3,115.5	3,145.2	2,997.0	2,949.2
1. Owner's capital	1,710.4	1,710.4	1,425.3	1,425.3	1,425.3	1,425.3	1,295.8	1,295.8	1,295.8	1,295.8	1,295.8	1,295.8
- Common stock with voting right	1,710.4	1,710.4	1,425.3	1,425.3	1,425.3	1,425.3	1,295.8	1,295.8	1,295.8	1,295.8	1,295.8	1,295.8
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Assets revaluation differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	1,217.6	1,217.6	1,217.6	1,217.6	1,217.6	1,217.6	1,217.6	1,174.3	1,174.3	1,174.3	1,174.3	1,023.2
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	1,303.8	1,101.0	1,128.4	1,021.6	1,023.4	806.9	764.6	754.5	645.5	675.2	527.0	630.3
- Accumulated retained earning at the end of the previous period	310.9	310.9	596.0	809.6	287.8	287.8	417.3	645.5	280.4	280.4	280.4	511.9
- Undistributed earnings in this period	992.9	790.0	532.4	211.9	735.7	519.1	347.2	109.0	365.1	394.8	246.6	118.4
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)	7,047.7	6,920.3	6,692.4	6,025.2	6,414.9	5,597.8	5,596.4	5,188.9	5,453.7	5,177.0	4,965.7	5,309.4

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	247.3	313.7	381.6	253.6	264.3	209.0	284.6	130.5	194.6	177.5	151.7	135.4
Depreciation of Fixed Assets and Investment Property	36.5	35.1	40.1	37.7	37.4	35.3	36.0	40.5	38.6	40.7	37.5	42.2
Provision (Increase)/Reversal	-1.7	—	2.8	—	0.0	1.7	-1.7	0.0	-10.8	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	—	-0.1	—	0.0	-0.1	0.1	0.0	0.6	-0.4	0.8	-0.8
Gain/Loss from Investment Activities	-157.1	62.6	-97.6	-19.6	-12.0	28.2	-42.8	-3.0	-63.7	16.8	-31.2	-0.3
Interest Expense	19.7	23.2	19.7	17.6	12.1	13.4	10.5	13.0	16.3	17.4	24.6	31.9
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	147.6	432.0	346.4	289.4	302.0	287.3	286.7	181.0	175.6	252.0	183.4	208.4
Increase/(Decrease) in Receivables	306.4	-261.6	180.0	-269.5	213.5	-88.0	140.2	198.9	-127.7	104.7	-9.4	106.9
Increase/(Decrease) in Inventory	-114.3	-158.3	-145.6	-18.3	117.5	-153.2	331.3	-142.2	-169.2	112.5	130.7	306.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	756.5	-281.5	386.9	-612.5	466.9	-559.0	774.0	-100.6	-16.3	132.5	-358.6	273.6
Increase/(Decrease) in Prepaid Expenses	-9.6	14.2	-2.4	2.8	-10.8	4.5	-78.8	78.3	-84.1	79.1	-74.7	81.8
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-17.0	-24.8	-18.6	-18.8	-13.1	-8.2	-14.6	-11.5	-19.9	-13.9	-26.0	-31.3
Corporate Income Tax Paid	-13.5	-3.5	-1.9	-47.7	-80.6	-2.8	23.5	-74.9	-32.7	-3.6	-32.7	-12.6
Other Operating Receipts	—	—	—	—	4.2	13.2	-16.7	16.7	-11.9	11.9	0.0	0.0
Other Operating Payments	-55.5	53.6	-67.7	-3.9	-7.2	2.2	1.6	-17.9	8.9	-9.9	-0.9	0.0
Net Cash Flow from Operating Activities	982.0	-211.4	672.2	-673.5	992.5	-503.9	1,447.2	127.8	-277.1	665.3	-188.3	932.9
Payments for Fixed Assets and Other Long-term Assets	-79.1	-47.2	-50.5	-29.4	-34.5	-10.7	-18.2	-12.8	-32.7	8.3	-38.0	-24.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.8	0.2	9.1	0.9	0.7	0.0	0.2	0.0	0.2	-0.2	0.2	0.3
Loans and Purchases of Debt Instruments	-1,150.0	-307.0	-1,559.0	-26.0	-2,008.9	-385.8	-1,094.6	-105.4	-100.0	-760.0	-550.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	1,150.0	387.0	1,026.0	342.0	1,172.3	530.4	250.0	50.0	100.0	380.0	252.9	150.0
Investments in Other Entities	—	—	—	—	-5.4	5.4	-5.4	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	144.9	-72.4	76.9	—	2.6	-32.0	36.5	0.0	42.6	-5.9	19.6	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	66.6	-39.3	-497.5	287.5	-873.2	107.3	-831.4	-68.1	10.1	-377.8	-315.3	125.6
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	1,169.5	1,353.9	1,425.3	1,063.5	1,215.9	834.9	735.1	881.5	1,054.2	827.4	889.4	724.4
Repayment of Borrowings	-1,988.6	-1,197.2	-1,324.8	-818.5	-1,029.1	-487.5	-1,197.9	-1,174.0	-653.4	-1,024.7	-853.8	-962.3
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	-142.5	-213.8	0.0	0.0	-129.6	0.0	-194.4	0.0	-64.8	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	-819.1	156.8	-42.0	31.1	186.9	347.4	-592.3	-292.5	206.4	-197.3	-29.2	-237.9
Net Cash Flow During the Period	229.5	-93.9	132.8	-354.8	306.2	-49.2	23.4	-232.8	-60.6	90.3	-532.8	820.6
Cash and Cash Equivalents at Beginning of Period	216.9	310.9	178.0	532.9	485.3	485.3	485.3	485.3	167.9	167.9	167.9	167.9
FX Difference from Revaluation	-0.1	—	0.1	—	0.0	0.0	-0.0	0.0	-0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	446.3	216.9	310.9	178.0	532.9	226.7	275.9	252.5	485.3	546.0	455.8	988.5

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