PGD

Listed Company · HOSE

Price

23,500

Latest close

03 Apr 2026

P/E 10.7x

EPS (TTM) 2,199

ROE (TTM) 11.4%

P/B 1.6x

BVPS (Latest) 14,904

ROA (TTM) 4.6%

What Is Changing

PGD no longer looks like a business simply rebounding from a weak base. Revenue posted +4.7% YoY, while net margin reached 1.47% with an additional -0.8pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin fell below its recent low, compressing 81bps to 1.47% in 2025.
Net Income fell to a multi-period low at VND 168.4bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	11,452.6	10,937.6	9,890.7	11,274.4	8,996.1
Growth	+5%	+11%	-12%	+25%	—
Net Income	168.4	249.2	265.8	412.7	254.0
Net Margin	1.47%	2.28%	2.69%	3.66%	2.82%

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	2,828.6	3,091.3	2,974.0	2,558.8	2,839.8	2,906.5	2,899.0	2,292.3	2,479.6	2,456.5	2,663.3	2,291.3
Growth	-8%	+4%	+16%	-10%	-2%	+0%	+26%	-8%	+1%	-8%	+16%	—
Net Income	29.8	74.2	64.3	0.0	-2.2	97.6	117.0	36.8	68.3	23.0	63.0	111.4
Net Margin	1.05%	2.40%	2.16%	0.00%	-0.08%	3.36%	4.04%	1.60%	2.75%	0.94%	2.37%	4.86%

Financial Statements

Profitability

Net margin reached 1.47% while Revenue posted +4.7% YoY.

Balance Sheet

Inventory stood at 55.0bn, liabilities at 2,099.3bn, and equity at 1,475.5bn.

Cash Flow

Operating cash flow was -47.6bn in 2025, while investing cash flow was -101.1bn.

Financing cash flow: -118.0bn.

Item	2025	2024	2023	2022	2021
Revenue	11,452.6	10,937.6	9,890.7	11,274.4	8,996.1
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	11,452.6	10,937.6	9,890.7	11,274.4	8,996.1
Cost of Goods Sold	10,784.8	10,169.5	9,125.3	10,320.8	0.0
Gross Profit	667.8	768.1	765.4	953.7	691.1
Financial Income	42.8	31.1	51.6	19.9	11.5
Financial Expenses	1.7	3.2	7.4	4.0	-5.8
Interest Expense	0.5	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	407.7	385.5	367.2	349.1	-314.8
General and Administrative Expenses	91.3	96.0	106.6	99.0	-60.2
Operating Profit	210.0	314.4	335.9	521.4	321.9
Other Income	0.0	0.0	0.2	0.2	0.0
Other Expenses	0.2	1.5	0.7	1.9	0.0
Other Profit	-0.2	-1.5	-0.5	-1.8	1.4
Profit Before Tax	209.8	312.9	335.4	519.7	323.2
Current Income Tax Expense	41.5	63.7	69.6	107.0	-69.2
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	168.4	249.2	265.8	412.7	254.0
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	168.4	249.2	265.8	412.7	254.0
Earnings per Share	1,579.00	2,365.00	2,555.00	4,452.00	2,822.47
Diluted EPS	1,700.55	2,365.00	2,555.00	4,452.00	2,822.47

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,203.2	3,378.4	2,955.1	3,191.2	2,893.0
I. Cash and cash equivalents	1,118.2	1,384.9	1,135.2	1,590.2	1,490.9
1. Cash	55.2	194.9	85.2	70.2	0.0
2. Cash equivalents	1,063.0	1,190.0	1,050.0	1,520.0	0.0
II. Short-term financial investments	848.0	717.8	487.5	297.1	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	848.0	717.8	487.5	297.1	0.0
III. Short-term receivables	1,165.9	1,204.3	1,228.5	1,240.2	1,205.3
1. Short-term trade accounts receivable	571.7	634.9	702.8	778.5	0.0
2. Short-term prepayments to suppliers	31.2	2.2	8.5	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	603.1	593.9	533.3	475.3	0.0
7. Provision for short-term doubtful debts (*)	-40.1	-26.8	-16.2	-16.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	55.0	48.6	46.7	42.8	39.8
1. Inventories	55.0	48.6	46.7	42.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	16.1	22.8	57.3	21.0	20.1
1. Short-term prepayments	3.4	3.8	5.4	5.8	0.0
2. Value added tax to be reclaimed	12.6	16.4	51.8	15.1	0.0
3. Taxes and other receivables from state authorities	0.1	2.6	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)	371.6	389.9	407.8	420.6	450.1
I. Long-term receivables	17.7	3.4	3.1	3.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	3.0
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	17.7	3.4	3.1	3.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	228.0	263.0	278.2	298.4	337.8
1. Tangible fixed assets	181.8	215.1	228.5	249.8	288.3
- Cost	1,111.3	1,097.2	1,060.0	1,039.7	0.0
- Accumulated depreciation	-929.5	-882.1	-831.5	-789.9	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	46.2	47.9	49.7	48.6	49.5
- Cost	63.2	63.2	63.2	60.2	0.0
- Accumulated depreciation	-17.0	-15.4	-13.5	-11.6	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	6.2	1.9	2.3	1.5	1.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	6.2	1.9	2.3	1.5	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	119.7	121.5	124.3	117.5	0.0
1. Long-term prepayments	119.7	121.5	124.3	117.5	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	107.7
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)	3,574.8	3,768.2	3,362.9	3,611.8	3,343.1
A. LIABILITIES (300=210+330)	2,099.3	2,290.7	1,961.4	2,056.6	1,959.7
I. Short -term liabilities	2,099.2	2,290.6	1,961.3	2,056.5	1,959.6
1. Short-term trade accounts payable	1,011.8	2,012.3	1,642.7	1,769.6	1,737.3
2. Short-term advances from customers	52.9	97.2	68.0	51.8	12.8
3. Taxes and other payables to state authorities	9.4	12.4	20.7	44.7	0.0
4. Payable to employees	25.5	15.8	22.1	13.0	0.0
5. Short-term acrrued expenses	823.9	13.2	54.3	4.6	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	143.8	138.2	152.6	172.1	0.0
10. Short-term borrowings and financial leases	30.5	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.5	1.5	1.0	0.8	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	0.1	0.1	0.1	0.1	0.1
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	0.1	0.1	0.1	0.1	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)	1,475.5	1,477.5	1,401.5	1,555.2	1,383.4
I. Owner's equity	1,475.5	1,477.5	1,401.5	1,555.2	0.0
1. Owner's capital	990.0	990.0	990.0	900.0	1,383.4
- Common stock with voting right	990.0	990.0	990.0	900.0	900.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	0.2	0.2	0.2	0.2	0.2
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	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	255.2	180.5	100.7	178.3	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	12.4	0.0
11. Undistributed earnings after tax	230.2	307.0	310.7	464.4	292.6
- Accumulated retained earning at the end of the previous period	73.8	72.8	57.8	63.7	50.5
- Undistributed earnings in this period	156.4	234.1	252.9	400.7	242.0
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)	3,574.8	3,768.2	3,362.9	3,611.8	3,343.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	209.8	312.9	335.4	519.7	323.2
Depreciation of Fixed Assets and Investment Property	49.1	55.5	52.4	59.1	60.5
Provision (Increase)/Reversal	13.3	10.6	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	-41.7	-29.7	-51.1	-18.9	0.0
Interest Expense	0.5	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	231.0	349.3	336.7	559.9	344.8
Increase/(Decrease) in Receivables	22.6	41.9	-17.3	-33.9	0.0
Increase/(Decrease) in Inventory	-6.4	-1.9	-3.9	-3.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-240.8	334.1	-69.1	72.6	0.0
Increase/(Decrease) in Prepaid Expenses	2.3	4.3	-7.9	-11.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.5	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-34.0	-81.4	-92.7	-84.7	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-21.9	-24.1	-22.8	-19.3	0.0
Net Cash Flow from Operating Activities	-47.6	622.2	122.9	480.7	-24.8
Payments for Fixed Assets and Other Long-term Assets	-7.0	-28.9	-26.5	-14.2	-82.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	180.7
Loans and Purchases of Debt Instruments	-1,030.2	-860.3	-660.4	-450.2	-336.9
Receipts from Loan Repayments and Sale of Debt Instruments	900.0	630.0	470.0	290.0	200.0
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	36.1	35.2	44.0	18.0	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	-101.1	-224.0	-172.9	-156.4	-28.7
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	30.5	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-148.5	-148.5	-405.0	-225.0	-180.0
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	-118.0	-148.5	-405.0	-225.0	-180.0
Net Cash Flow During the Period	-266.7	249.7	-455.0	99.3	370.2
Cash and Cash Equivalents at Beginning of Period	1,384.9	1,135.2	1,590.2	1,490.9	1,724.4
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	1,118.2	1,384.9	1,135.2	1,590.2	1,490.9

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
Revenue	2,828.6	3,091.3	2,974.0	2,558.8	2,839.8	2,906.5	2,899.0	2,292.3	2,479.6	2,456.5	2,663.3	2,291.3
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	2,828.6	3,091.3	2,974.0	2,558.8	2,839.8	2,906.5	2,899.0	2,292.3	2,479.6	2,456.5	2,663.3	2,291.3
Cost of Goods Sold	2,709.1	2,866.3	2,768.4	2,441.0	2,735.7	2,654.5	2,654.1	2,125.3	2,274.4	2,321.8	2,517.7	2,011.4
Gross Profit	119.5	225.0	205.5	117.7	104.1	252.0	245.0	167.1	205.2	134.8	145.6	279.9
Financial Income	11.2	11.0	10.3	10.3	8.6	6.8	7.3	8.3	9.8	15.1	15.2	11.5
Financial Expenses	0.4	0.1	0.7	0.6	0.7	0.8	0.9	0.8	1.8	2.3	2.3	0.9
Interest Expense	0.4	0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	71.1	124.4	107.5	104.7	87.8	120.0	77.5	100.3	94.8	96.3	61.0	115.1
General and Administrative Expenses	21.6	18.8	28.3	22.6	26.4	18.7	26.3	24.6	30.7	22.4	21.4	32.1
Operating Profit	37.6	92.8	79.5	0.1	-2.2	119.2	147.6	49.8	87.7	29.0	76.0	143.2
Other Income	0.0	0.0	0.0	—	0.0	0.0	0.0	0.0	0.1	0.1	0.0	0.0
Other Expenses	0.0	0.0	0.1	0.0	0.0	0.1	1.4	0.1	0.1	0.0	0.6	0.0
Other Profit	-0.0	-0.0	-0.1	-0.0	-0.0	-0.1	-1.4	-0.1	0.0	0.1	-0.5	-0.0
Profit Before Tax	37.5	92.8	79.4	0.1	-2.2	119.1	146.3	49.7	87.7	29.0	75.5	143.2
Current Income Tax Expense	7.7	18.6	15.1	0.1	0.0	21.5	29.3	12.9	19.4	6.0	12.5	31.8
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	29.8	74.2	64.3	0.0	-2.2	97.6	117.0	36.8	68.3	23.0	63.0	111.4
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	29.8	74.2	64.3	0.0	-2.2	97.6	117.0	36.8	68.3	23.0	63.0	111.4
Earnings per Share	301.13	1,309.00	589.00	0.14	-22.27	985.91	1,181.76	341.00	689.80	232.58	700.34	1,205.00
Diluted EPS	301.13	749.46	649.82	0.14	-22.27	985.91	1,181.76	371.50	689.80	232.58	700.34	1,238.27

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)	3,203.2	3,535.1	3,392.1	3,257.6	3,378.4	3,456.2	3,448.9	2,859.3	2,955.1	3,132.2	3,459.4	3,256.3
I. Cash and cash equivalents	1,118.2	1,461.5	1,309.5	1,130.6	1,384.9	1,593.9	1,648.1	1,041.7	1,135.2	1,433.4	1,717.7	1,499.4
1. Cash	55.2	91.5	100.5	130.6	194.9	128.9	211.1	76.7	85.2	83.4	127.7	129.4
2. Cash equivalents	1,063.0	1,370.0	1,209.0	1,000.0	1,190.0	1,465.0	1,437.0	965.0	1,050.0	1,350.0	1,590.0	1,370.0
II. Short-term financial investments	848.0	717.9	717.9	717.8	717.8	467.7	387.7	487.5	487.5	447.3	547.3	447.1
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	848.0	717.9	717.9	717.8	717.8	467.7	387.7	487.5	487.5	447.3	547.3	447.1
III. Short-term receivables	1,165.9	1,279.9	1,306.0	1,322.1	1,204.3	1,309.9	1,311.7	1,253.2	1,228.5	1,193.6	1,144.0	1,260.9
1. Short-term trade accounts receivable	571.7	566.0	792.0	710.5	634.9	775.1	697.5	629.6	702.8	696.5	636.0	675.8
2. Short-term prepayments to suppliers	31.2	16.6	0.2	0.9	2.2	2.3	2.3	3.5	8.5	4.1	0.2	0.9
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	603.1	734.0	546.0	642.8	593.9	548.7	628.0	636.3	533.3	509.2	524.0	600.4
7. Provision for short-term doubtful debts (*)	-40.1	-36.8	-32.1	-32.0	-26.8	-16.2	-16.2	-16.2	-16.2	-16.2	-16.2	-16.2
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	55.0	50.8	52.1	48.5	48.6	47.9	46.7	47.2	46.7	42.2	42.9	41.8
1. Inventories	55.0	50.8	52.1	48.5	48.6	47.9	46.7	47.2	46.7	42.2	42.9	41.8
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	16.1	25.0	6.5	38.7	22.8	36.9	54.8	29.7	57.3	15.7	7.4	7.1
1. Short-term prepayments	3.4	5.4	6.4	4.3	3.8	5.4	6.4	5.2	5.4	5.7	7.4	6.0
2. Value added tax to be reclaimed	12.6	19.6	0.1	31.7	16.4	28.7	45.8	24.4	51.8	10.0	0.0	1.1
3. Taxes and other receivables from state authorities	0.1	—	—	2.7	2.6	2.7	2.7	0.1	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)	371.6	348.8	354.1	372.9	389.9	389.0	399.1	408.3	407.8	397.5	409.3	416.5
I. Long-term receivables	17.7	5.3	4.8	4.7	3.4	3.4	3.4	3.4	3.1	3.1	3.1	3.2
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	17.7	5.3	4.8	4.7	3.4	3.4	3.4	3.4	3.1	3.1	3.1	3.2
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	228.0	228.1	237.8	251.2	263.0	267.0	280.7	266.9	278.2	270.3	277.9	285.5
1. Tangible fixed assets	181.8	181.5	190.8	203.7	215.1	218.6	232.0	217.6	228.5	220.1	229.8	237.2
- Cost	—	—	—	—	1,097.2	1,087.4	1,087.1	1,061.8	1,060.0	1,045.3	1,043.3	1,039.8
- Accumulated depreciation	—	—	—	—	-882.1	-868.8	-855.2	-844.2	-831.5	-825.2	-813.5	-802.6
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	46.2	46.6	47.0	47.4	47.9	48.3	48.8	49.2	49.7	50.2	48.1	48.3
- 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	6.2	3.8	2.5	2.1	1.9	1.8	1.8	18.1	2.3	4.9	4.1	3.9
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	6.2	3.8	2.5	2.1	1.9	1.8	1.8	18.1	2.3	4.9	4.1	3.9
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	119.7	111.6	109.1	115.0	121.5	116.8	113.3	119.9	124.3	119.3	124.3	123.9
1. Long-term prepayments	119.7	111.6	109.1	115.0	121.5	116.8	113.3	119.9	124.3	119.3	124.3	123.9
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)	3,574.8	3,883.8	3,746.2	3,630.5	3,768.2	3,845.2	3,848.0	3,267.6	3,362.9	3,529.8	3,868.7	3,672.7
A. LIABILITIES (300=210+330)	2,099.3	2,286.7	2,220.2	2,155.1	2,290.7	2,217.9	2,308.3	1,832.3	1,961.4	2,201.2	2,155.1	2,009.0
I. Short -term liabilities	2,099.2	2,286.6	2,220.1	2,155.0	2,290.6	2,217.8	2,308.3	1,832.2	1,961.3	2,201.1	2,155.0	2,008.9
1. Short-term trade accounts payable	1,011.8	1,089.7	1,015.9	1,922.5	2,012.3	1,893.0	2,022.6	1,368.8	1,642.7	1,583.3	1,763.2	1,683.7
2. Short-term advances from customers	52.9	79.3	78.9	87.5	97.2	99.2	81.7	82.0	68.0	73.2	65.4	72.2
3. Taxes and other payables to state authorities	9.4	21.1	30.3	2.1	12.4	25.7	29.7	16.6	20.7	15.8	18.5	36.8
4. Payable to employees	25.5	57.8	29.4	8.2	15.8	46.8	9.1	20.5	22.1	26.6	13.2	28.4
5. Short-term acrrued expenses	823.9	889.1	926.8	3.1	13.2	16.1	12.0	197.4	54.3	342.4	128.1	10.7
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	143.8	130.1	134.2	131.6	138.2	128.5	150.1	146.3	152.6	156.9	162.6	176.9
10. Short-term borrowings and financial leases	30.5	15.3	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	1.5	4.2	4.6	0.0	1.5	8.6	3.0	0.6	1.0	2.9	4.0	0.2
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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)	1,475.5	1,597.2	1,526.0	1,475.4	1,477.5	1,627.3	1,539.7	1,435.3	1,401.5	1,328.6	1,713.6	1,663.8
I. Owner's equity	1,475.5	1,597.2	1,526.0	1,475.4	1,477.5	1,627.3	1,539.7	1,435.3	1,401.5	1,328.6	1,713.6	1,663.8
1. Owner's capital	990.0	990.0	990.0	990.0	990.0	990.0	990.0	990.0	990.0	990.0	900.0	900.0
- Common stock with voting right	990.0	990.0	990.0	990.0	990.0	990.0	990.0	990.0	990.0	990.0	900.0	900.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	-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	255.2	255.2	255.2	180.5	180.5	180.5	180.5	100.7	100.7	100.7	190.7	178.3
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	12.4
11. Undistributed earnings after tax	230.2	351.8	280.6	304.9	307.0	456.7	369.1	344.5	310.7	237.7	622.8	572.9
- Accumulated retained earning at the end of the previous period	73.8	222.3	222.3	304.9	72.8	221.3	221.3	310.7	57.8	49.2	454.3	464.5
- Undistributed earnings in this period	156.4	129.5	58.3	0.0	234.1	235.4	147.8	33.8	252.9	188.5	168.5	108.4
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)	3,574.8	3,883.8	3,746.2	3,630.5	3,768.2	3,845.2	3,848.0	3,267.6	3,362.9	3,529.8	3,868.7	3,672.7

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	37.5	92.8	79.4	0.1	-2.2	119.1	146.3	49.7	87.7	29.0	75.5	143.2
Depreciation of Fixed Assets and Investment Property	10.2	12.2	14.0	12.6	13.7	14.1	14.5	13.2	15.1	12.1	12.3	12.9
Provision (Increase)/Reversal	3.3	4.7	0.1	5.3	10.6	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
Gain/Loss from Investment Activities	-10.1	-11.0	-10.4	-10.2	-8.3	-6.8	-6.0	-8.3	-9.8	-15.1	-14.7	-11.5
Interest Expense	0.4	0.1	—	—	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
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	41.4	98.7	83.1	7.8	13.8	126.4	154.8	54.5	93.0	26.0	73.0	144.6
Increase/(Decrease) in Receivables	104.2	8.3	44.2	-134.1	104.1	22.9	-93.1	7.8	-83.5	-56.3	122.7	-0.2
Increase/(Decrease) in Inventory	-4.2	1.3	-3.7	0.1	-0.7	-1.2	0.5	-0.4	-4.5	0.7	-1.1	1.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-197.0	44.9	46.2	-134.8	92.2	-90.9	464.6	-132.0	-240.8	50.5	159.0	-37.8
Increase/(Decrease) in Prepaid Expenses	-6.0	-1.6	3.9	6.0	-3.1	-2.6	5.5	4.5	-6.2	6.7	-1.9	-6.6
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.4	-0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-18.8	-15.1	0.0	-0.1	-23.8	-27.0	-12.8	-17.8	-7.5	-12.6	-31.7	-40.8
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-6.6	-2.5	-9.2	-3.6	-6.1	-4.4	-10.2	-3.4	-6.9	-3.0	-9.3	-3.6
Net Cash Flow from Operating Activities	-87.4	134.0	164.4	-258.6	176.4	23.1	509.3	-86.8	-256.5	12.0	310.7	56.7
Payments for Fixed Assets and Other Long-term Assets	-3.5	-1.4	-1.7	-0.3	1.5	0.1	-20.8	-9.5	-18.1	-3.1	-2.8	-2.5
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
Loans and Purchases of Debt Instruments	-380.1	-100.0	-450.1	-100.0	-510.1	-100.0	-200.2	-50.0	-230.2	-50.0	-230.2	-150.0
Receipts from Loan Repayments and Sale of Debt Instruments	250.0	100.0	450.0	100.0	260.0	20.0	300.0	50.0	190.0	150.0	130.0	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	11.0	4.1	16.4	4.6	11.7	2.7	18.0	2.8	16.5	11.8	10.6	5.0
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	-122.6	2.7	14.6	4.3	-236.8	-77.2	97.1	-6.6	-41.8	108.7	-92.4	-147.4
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	15.2	15.3	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	0.0	0.0	0.0	0.0	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	-148.5	—	—	—	-148.5	0.0	0.0	0.0	0.0	-405.0	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	-133.3	15.3	—	—	-148.5	0.0	0.0	0.0	0.0	-405.0	0.0	0.0
Net Cash Flow During the Period	-343.3	151.9	179.0	-254.3	-209.0	-54.2	606.4	-93.5	-298.2	-284.3	218.3	-90.8
Cash and Cash Equivalents at Beginning of Period	1,461.5	1,309.5	1,130.6	1,384.9	1,135.2	1,135.2	1,135.2	1,135.2	1,590.2	1,590.2	1,590.2	1,590.2
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	1,118.2	1,461.5	1,309.5	1,130.6	1,384.9	1,593.9	1,648.1	1,041.7	1,135.2	1,433.4	1,717.7	1,499.4

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