PAT

Listed Company · UPCOM

Price

71,300

Latest close

03 Apr 2026

P/E 5.5x

EPS (TTM) 13,066

ROE (TTM) 60.0%

P/B 3.0x

BVPS (Latest) 23,609

ROA (TTM) 29.3%

What Is Changing

PAT no longer looks like a business simply rebounding from a weak base. Revenue posted +11.7% YoY, while net margin reached 18.07% with an additional +2.7pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income recovered 31.2% to VND 347.5bn in 2025.
Net margin improved from 15.39% in the prior period to 18.07% in 2025.
Revenue growth accelerated to 11.7% in 2025, up 11.1pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	1,923.4	1,721.4	1,710.6	3,149.9	587.5
Growth	+12%	+1%	-46%	+436%	—
Net Income	347.5	264.9	285.6	963.3	195.4
Net Margin	18.07%	15.39%	16.70%	30.58%	33.26%

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	502.6	506.7	477.7	436.4	428.3	626.6	228.5	438.1	362.9	462.0	452.1	433.6
Growth	-1%	+6%	+9%	+2%	-32%	+174%	-48%	+21%	-21%	+2%	+4%	—
Net Income	75.2	110.0	77.6	84.7	81.0	67.4	55.7	60.8	52.1	83.5	77.2	72.7
Net Margin	14.96%	21.70%	16.25%	19.41%	18.92%	10.75%	24.38%	13.89%	14.37%	18.08%	17.08%	16.77%

Financial Statements

Profitability

Net margin reached 18.07% while Revenue posted +11.7% YoY.

Balance Sheet

Inventory stood at 67.6bn, liabilities at 850.1bn, and equity at 590.2bn.

Cash Flow

Operating cash flow was 359.1bn in 2025, while investing cash flow was -360.6bn.

Financing cash flow: 26.1bn.

Item	2025	2024	2023	2022	2021
Revenue	1,923.4	1,721.4	1,710.6	3,149.9	587.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,923.4	1,721.4	1,710.6	3,149.9	587.5
Cost of Goods Sold	1,480.7	1,358.2	1,344.4	2,012.2	0.0
Gross Profit	442.7	363.2	366.2	1,137.7	228.4
Financial Income	47.6	49.3	53.2	67.5	7.3
Financial Expenses	14.6	19.0	18.2	26.8	-6.2
Interest Expense	3.1	4.3	7.0	2.9	-0.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	82.2	98.9	82.5	147.1	-25.1
General and Administrative Expenses	17.0	15.5	17.9	17.1	-6.4
Operating Profit	376.5	279.2	300.8	1,014.1	198.0
Other Income	0.2	0.0	0.0	1.4	0.0
Other Expenses	—	0.0	0.0	1.4	0.0
Other Profit	0.2	0.0	0.0	0.0	-2.6
Profit Before Tax	376.7	279.2	300.8	1,014.1	195.4
Current Income Tax Expense	29.2	14.2	15.2	50.9	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	347.5	264.9	285.6	963.3	195.4
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	347.5	264.9	285.6	963.3	195.4
Earnings per Share	13,066.00	9,995.00	10,775.00	36,341.00	7,815.88
Diluted EPS	13,066.00	9,995.00	10,775.00	36,341.00	7,815.88

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,170.2	619.5	847.4	787.9	584.1
I. Cash and cash equivalents	31.9	7.3	61.6	203.2	49.4
1. Cash	31.9	7.3	1.6	6.2	0.0
2. Cash equivalents	—	0.0	60.0	197.0	0.0
II. Short-term financial investments	804.7	424.1	528.0	353.0	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	804.7	424.1	528.0	353.0	0.0
III. Short-term receivables	264.3	101.9	165.4	159.8	159.3
1. Short-term trade accounts receivable	247.0	89.7	140.5	142.0	0.0
2. Short-term prepayments to suppliers	2.2	2.2	2.1	2.5	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	15.1	10.0	22.8	15.3	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	67.6	84.7	89.0	67.3	132.8
1. Inventories	67.6	84.7	89.0	67.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.7	1.5	3.3	4.7	2.6
1. Short-term prepayments	—	1.0	3.0	1.1	0.0
2. Value added tax to be reclaimed	1.7	0.0	0.4	3.5	0.0
3. Taxes and other receivables from state authorities	—	0.5	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)	270.2	313.2	357.4	406.6	421.6
I. Long-term receivables	—	2.0	2.0	2.0	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	—	2.0	2.0	2.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	250.4	287.1	333.4	382.2	396.9
1. Tangible fixed assets	250.4	287.1	333.4	382.2	396.9
- Cost	573.1	565.0	564.2	568.3	0.0
- Accumulated depreciation	-322.7	-277.9	-230.8	-186.1	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	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	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	0.1	2.6	0.1	0.1	0.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.1	2.6	0.1	0.1	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	19.7	21.4	21.9	22.4	0.0
1. Long-term prepayments	19.7	21.4	21.9	22.4	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	24.7
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)	1,440.4	932.6	1,204.8	1,194.5	1,005.7
A. LIABILITIES (300=210+330)	850.1	363.9	684.8	414.0	484.6
I. Short -term liabilities	850.1	363.9	684.8	414.0	484.6
1. Short-term trade accounts payable	339.9	189.1	24.2	35.2	76.3
2. Short-term advances from customers	—	2.2	26.5	0.1	97.3
3. Taxes and other payables to state authorities	5.6	2.5	2.7	15.7	0.0
4. Payable to employees	16.0	14.8	23.1	25.0	0.0
5. Short-term acrrued expenses	0.3	0.1	4.7	0.2	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	250.9	0.6	225.4	250.3	0.0
10. Short-term borrowings and financial leases	174.7	84.8	316.6	73.9	238.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	62.6	69.9	61.5	13.6	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	0.0
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	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)	590.2	568.7	520.0	780.5	521.1
I. Owner's equity	590.2	568.7	520.0	780.5	0.0
1. Owner's capital	250.0	250.0	250.0	250.0	521.1
- Common stock with voting right	250.0	250.0	250.0	250.0	250.0
- 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	242.7	228.8	209.4	67.3	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	97.5	89.9	60.6	463.3	252.8
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0	46.4
- Undistributed earnings in this period	97.5	89.9	60.6	463.3	206.4
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)	1,440.4	932.6	1,204.8	1,194.5	1,005.7

Item	2025	2024	2023	2022
Profit Before Tax	376.7	279.2	300.8	1,014.1
Depreciation of Fixed Assets and Investment Property	44.8	47.1	48.3	45.1
Provision (Increase)/Reversal	—	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.5	-0.3	1.9	2.5
Gain/Loss from Investment Activities	-23.8	-23.3	-33.7	-25.3
Interest Expense	3.1	4.3	7.0	2.9
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	401.4	307.0	324.3	1,039.5
Increase/(Decrease) in Receivables	-165.1	52.1	9.5	5.6
Increase/(Decrease) in Inventory	17.1	4.3	-21.7	65.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	148.1	124.7	15.2	70.5
Increase/(Decrease) in Prepaid Expenses	2.7	2.4	-0.1	2.6
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-3.1	-3.1	-8.1	-3.3
Corporate Income Tax Paid	-21.2	-15.5	-25.4	-38.0
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-20.7	-7.9	-6.8	-2.7
Net Cash Flow from Operating Activities	359.1	464.0	286.8	1,139.5
Payments for Fixed Assets and Other Long-term Assets	-8.1	-0.8	-3.3	-30.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	3.8	0.0
Loans and Purchases of Debt Instruments	-805.7	-354.1	-560.0	-608.0
Receipts from Loan Repayments and Sale of Debt Instruments	425.1	458.0	385.0	295.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	28.0	35.6	26.1	12.3
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-360.6	138.6	-148.4	-331.1
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0
Proceeds from Borrowings	410.9	541.3	565.8	469.9
Repayment of Borrowings	-322.3	-773.2	-329.3	-634.5
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-62.5	-425.0	-516.4	-490.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	26.1	-656.9	-279.9	-654.6
Net Cash Flow During the Period	24.6	-54.4	-141.5	153.8
Cash and Cash Equivalents at Beginning of Period	7.3	61.6	203.2	49.4
FX Difference from Revaluation	0.0	0.0	-0.0	-0.1
Cash and Cash Equivalents at End of Period	31.9	7.3	61.6	203.2

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	502.6	506.7	477.7	436.4	428.3	626.6	228.5	438.1	362.9	462.0	452.1	433.6
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	502.6	506.7	477.7	436.4	428.3	626.6	228.5	438.1	362.9	462.0	452.1	433.6
Cost of Goods Sold	407.0	376.3	376.7	320.8	323.8	513.7	166.6	354.1	295.5	353.5	354.7	340.7
Gross Profit	95.6	130.5	100.9	115.7	104.4	112.9	62.0	83.9	67.4	108.5	97.4	92.9
Financial Income	12.8	13.8	10.8	10.1	12.5	10.6	14.3	11.8	17.5	14.2	12.0	13.3
Financial Expenses	5.0	3.3	3.4	2.9	2.8	7.2	4.4	4.6	9.7	4.7	5.2	2.4
Interest Expense	1.4	1.0	0.5	0.2	0.8	0.6	0.7	2.2	2.4	2.3	1.5	0.7
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	19.0	20.6	21.7	20.9	24.4	41.6	9.6	23.3	14.1	25.4	19.7	23.3
General and Administrative Expenses	4.1	4.1	3.8	4.9	4.3	3.7	3.6	3.9	6.9	4.0	3.2	3.9
Operating Profit	80.3	116.3	82.9	97.1	85.4	71.0	58.7	64.1	54.2	88.7	81.3	76.5
Other Income	0.0	0.2	—	—	0.0	0.0	0.0	0.0	0.7	0.0	0.0	0.0
Other Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.7	0.0	0.0
Other Profit	0.0	0.2	—	—	0.0	0.0	0.0	0.0	0.7	-0.7	0.0	0.0
Profit Before Tax	80.3	116.5	82.9	97.1	85.4	71.0	58.7	64.1	55.0	88.0	81.3	76.5
Current Income Tax Expense	5.2	6.5	5.2	12.3	4.4	3.6	2.9	3.2	2.8	4.4	4.1	3.9
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	75.2	110.0	77.6	84.7	81.0	67.4	55.7	60.8	52.1	83.5	77.2	72.7
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	75.2	110.0	77.6	84.7	81.0	67.4	55.7	60.8	52.1	83.5	77.2	72.7
Earnings per Share	2,826.00	4,135.00	2,919.00	3,186.00	3,046.00	2,534.00	2,095.00	2,295.00	1,960.00	3,141.00	2,903.00	2,733.00
Diluted EPS	2,826.00	4,135.00	2,919.00	3,186.00	9,962.00	2,534.00	2,095.00	2,295.00	1,960.00	3,141.00	2,903.00	2,733.00

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)	1,170.2	867.3	692.6	549.5	619.5	665.5	596.8	607.0	847.4	765.4	591.8	589.6
I. Cash and cash equivalents	31.9	14.3	7.3	2.2	7.3	30.9	34.1	1.7	61.6	9.5	2.3	1.6
1. Cash	31.9	14.3	7.3	2.2	7.3	30.9	34.1	1.7	1.6	9.5	2.3	1.6
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	60.0	0.0	0.0	0.0
II. Short-term financial investments	804.7	688.1	334.1	369.1	424.1	499.1	348.0	348.0	528.0	513.0	310.0	393.0
1. Available for sale securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	804.7	688.1	334.1	369.1	424.1	499.1	348.0	348.0	528.0	513.0	310.0	393.0
III. Short-term receivables	264.3	94.9	250.0	81.4	101.9	62.3	27.1	176.7	165.4	196.4	220.4	119.3
1. Short-term trade accounts receivable	247.0	87.4	236.1	70.3	89.7	51.5	10.0	163.9	140.5	174.3	203.9	108.8
2. Short-term prepayments to suppliers	2.2	1.8	2.2	2.1	2.2	2.4	1.6	2.3	2.1	4.5	3.6	2.5
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	15.1	5.7	11.6	8.9	10.0	8.4	15.5	10.5	22.8	17.6	12.9	8.0
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	67.6	62.9	92.3	85.4	84.7	72.0	185.0	79.5	89.0	41.1	53.9	75.0
1. Inventories	67.6	62.9	92.3	85.4	84.7	72.0	185.0	79.5	89.0	41.1	53.9	75.0
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	1.7	7.0	9.0	11.4	1.5	1.2	2.5	1.1	3.3	5.4	5.1	0.7
1. Short-term prepayments	—	0.2	0.1	0.3	1.0	1.2	1.9	1.1	3.0	5.4	5.1	0.7
2. Value added tax to be reclaimed	1.7	1.5	3.2	3.3	0.0	0.0	0.6	0.0	0.4	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	5.3	5.7	7.8	0.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	270.2	282.7	297.3	304.2	313.2	322.2	332.4	344.2	357.4	366.2	383.4	393.2
I. Long-term receivables	—	—	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0
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	—	—	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0
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	250.4	261.5	272.8	276.1	287.1	300.5	309.3	321.3	333.4	342.1	357.9	370.0
1. Tangible fixed assets	250.4	261.5	272.8	276.1	287.1	300.5	309.3	321.3	333.4	342.1	357.9	370.0
- Cost	—	—	—	—	565.0	567.3	564.2	564.2	564.2	560.9	568.3	568.3
- Accumulated depreciation	—	—	—	—	-277.9	-266.8	-254.9	-242.9	-230.8	-218.8	-210.4	-198.2
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	0.0	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
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	0.1	0.1	0.1	5.8	2.6	0.1	1.3	0.1	0.1	0.1	0.1	0.1
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	0.1	0.1	0.1	5.8	2.6	0.1	1.3	0.1	0.1	0.1	0.1	0.1
V. Long-term financial investments	—	—	—	—	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
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	19.7	21.2	22.5	20.3	21.4	19.7	19.8	20.8	21.9	22.1	23.4	21.1
1. Long-term prepayments	19.7	21.2	22.5	20.3	21.4	19.7	19.8	20.8	21.9	22.1	23.4	21.1
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)	1,440.4	1,150.0	990.0	853.7	932.6	987.8	929.2	951.2	1,204.8	1,131.6	975.1	982.8
A. LIABILITIES (300=210+330)	850.1	384.9	334.9	276.2	363.9	325.1	333.8	411.6	684.8	438.8	365.8	450.7
I. Short -term liabilities	850.1	384.9	334.9	276.2	363.9	325.1	333.8	411.6	684.8	438.8	365.8	450.7
1. Short-term trade accounts payable	339.9	86.9	114.7	103.1	189.1	63.3	83.5	127.6	24.2	54.5	38.2	15.1
2. Short-term advances from customers	—	1.5	0.2	13.1	2.2	0.6	32.1	0.0	26.5	0.2	0.4	0.1
3. Taxes and other payables to state authorities	5.6	17.3	10.8	5.6	2.5	13.6	6.3	3.5	2.7	25.3	15.9	6.3
4. Payable to employees	16.0	11.1	9.0	4.6	14.8	11.1	8.1	6.6	23.1	12.9	9.1	6.5
5. Short-term acrrued expenses	0.3	0.2	0.4	0.7	0.1	0.2	0.2	1.9	4.7	0.5	0.9	0.3
6. Short-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	250.9	1.9	0.8	63.3	0.6	0.6	0.9	25.8	225.4	0.4	0.7	267.1
10. Short-term borrowings and financial leases	174.7	194.2	127.1	11.2	84.8	163.3	130.3	170.9	316.6	281.5	236.9	87.6
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	62.6	71.9	71.9	74.6	69.9	72.5	72.5	75.2	61.5	63.6	63.8	67.7
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)	590.2	765.1	655.1	577.5	568.7	662.7	595.3	539.6	520.0	692.9	609.3	532.1
I. Owner's equity	590.2	765.1	655.1	577.5	568.7	662.7	595.3	539.6	520.0	692.9	609.3	532.1
1. Owner's capital	250.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0
- Common stock with voting right	250.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0
- 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	242.7	242.7	242.7	242.7	228.8	228.8	228.8	228.8	209.4	209.4	209.4	209.4
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	97.5	272.3	162.4	84.7	89.9	183.9	116.6	60.8	60.6	233.5	149.9	72.7
- Accumulated retained earning at the end of the previous period	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	97.5	272.3	162.4	84.7	89.9	183.9	116.6	60.8	60.6	233.5	149.9	72.7
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)	1,440.4	1,150.0	990.0	853.7	932.6	987.8	929.2	951.2	1,204.8	1,131.6	975.1	982.8

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	80.3	116.5	82.9	97.1	85.4	71.0	58.7	64.1	55.0	88.0	81.3	76.5
Depreciation of Fixed Assets and Investment Property	11.4	11.2	11.2	11.0	11.1	11.8	12.1	12.1	12.0	12.1	12.1	12.1
Provision (Increase)/Reversal	—	—	—	—	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	0.5	—	-0.3	0.0	-0.0	0.0	1.9	-2.7	2.7	0.0
Gain/Loss from Investment Activities	-14.5	0.0	-4.6	-4.6	40.3	-5.5	-4.9	-6.7	-9.4	-8.0	-8.3	-8.0
Interest Expense	1.4	1.0	0.5	0.2	0.8	0.6	0.7	2.2	2.4	2.3	1.5	0.7
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	78.6	128.7	90.4	103.7	137.4	78.1	66.5	71.6	61.9	91.7	89.3	81.4
Increase/(Decrease) in Receivables	-159.0	148.0	-170.2	16.2	-83.1	-39.9	152.5	-23.9	36.6	31.5	-95.6	36.9
Increase/(Decrease) in Inventory	-4.7	29.4	-6.8	-0.7	-12.7	113.0	-105.5	9.5	-47.9	12.8	21.1	-7.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	252.0	-23.7	15.8	-96.0	125.3	-45.3	-14.7	59.4	-11.1	32.7	32.2	-38.6
Increase/(Decrease) in Prepaid Expenses	1.6	1.2	-2.0	1.8	-1.6	2.1	-2.3	4.1	0.3	1.0	-3.1	1.7
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.4	-1.0	-0.4	-0.3	-0.8	-0.6	1.7	-3.4	-0.1	-2.2	-5.2	-0.6
Corporate Income Tax Paid	-13.0	0.0	-0.1	-8.1	-12.8	0.0	0.0	-2.6	-12.5	0.0	0.0	-12.9
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-9.3	-0.0	-2.7	-8.7	-2.6	-0.0	-2.7	-2.5	-2.0	-0.3	-3.9	-0.7
Net Cash Flow from Operating Activities	144.8	282.6	-76.1	7.8	149.1	107.3	95.5	112.2	25.1	167.3	34.9	59.6
Payments for Fixed Assets and Other Long-term Assets	-0.2	0.0	-7.8	—	2.2	-3.1	0.0	0.0	-3.3	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	6.8	-3.0	0.0	0.0
Loans and Purchases of Debt Instruments	-117.6	-573.1	0.0	-115.0	0.0	-319.1	-35.0	0.0	-75.0	-260.0	0.0	-225.0
Receipts from Loan Repayments and Sale of Debt Instruments	1.0	219.1	35.0	170.0	75.0	168.0	35.0	180.0	60.0	57.0	83.0	185.0
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	9.3	11.2	1.9	5.7	3.7	10.8	1.4	19.7	4.7	2.7	3.6	15.0
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	-107.5	-342.8	29.1	60.7	80.9	-143.4	1.4	199.7	-6.8	-203.3	86.6	-25.0
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	134.3	138.8	126.1	11.7	123.0	177.4	141.5	99.4	152.9	129.6	220.4	62.8
Repayment of Borrowings	-153.9	-71.6	-11.5	-85.3	-201.6	-144.4	-181.1	-246.2	-119.1	-86.4	-74.8	-49.0
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	-62.5	—	-175.0	0.0	-25.0	-225.0	0.0	0.0	-266.4	-250.0
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	-19.6	67.2	52.2	-73.6	-253.6	33.0	-64.6	-371.8	33.8	43.3	-120.8	-236.2
Net Cash Flow During the Period	17.6	7.0	5.1	-5.1	-23.6	-3.2	32.3	-59.9	52.1	7.2	0.7	-201.6
Cash and Cash Equivalents at Beginning of Period	14.3	7.3	2.2	7.3	61.6	61.6	61.6	61.6	203.2	203.2	203.2	203.2
FX Difference from Revaluation	0.0	0.0	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	31.9	14.3	7.3	2.2	7.3	30.9	34.1	1.7	61.6	9.5	2.3	1.6

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PAT

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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