PHC

Listed Company · HOSE

Price

4,590

Latest close

03 Apr 2026

P/E 10.4x

EPS (TTM) 442

ROE (TTM) 3.3%

P/B 0.3x

BVPS (Latest) 13,497

ROA (TTM) 0.6%

What Is Changing

PHC has not yet shown a broad-based top-line recovery. Revenue posted -1.4% YoY, but net margin reached 1.47% with an additional +1.2pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income recovered 371.6% to VND 22.5bn in 2025.
Net margin improved from 0.31% in the prior period to 1.47% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	1,535.9	1,558.1	1,810.6	1,918.9	934.9
Growth	-1%	-14%	-6%	+105%	—
Net Income	22.5	4.8	8.4	19.8	55.0
Net Margin	1.47%	0.31%	0.46%	1.03%	5.88%

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	649.7	335.8	327.2	223.4	554.5	381.2	424.2	203.2	628.3	442.0	390.5	346.8
Growth	+93%	+3%	+46%	-60%	+45%	-10%	+109%	-68%	+42%	+13%	+13%	—
Net Income	13.2	7.3	1.1	1.3	1.0	2.1	0.8	0.9	2.5	3.0	0.8	2.2
Net Margin	2.03%	2.16%	0.34%	0.56%	0.19%	0.55%	0.18%	0.45%	0.39%	0.68%	0.21%	0.62%

Financial Statements

Profitability

Net margin reached 1.47% while Revenue posted -1.4% YoY.

Balance Sheet

Inventory stood at 859.1bn, liabilities at 3,039.2bn, and equity at 683.8bn.

Cash Flow

Operating cash flow was 27.7bn in 2025, while investing cash flow was -53.6bn.

Financing cash flow: 2.3bn.

Item	2025	2024	2023	2022	2021
Revenue	1,535.9	1,558.1	1,810.6	1,927.8	934.9
Revenue Deductions	—	0.0	0.0	8.9	0.0
Net Revenue	1,535.9	1,558.1	1,810.6	1,918.9	934.9
Cost of Goods Sold	1,419.4	1,470.6	1,676.8	1,802.7	0.0
Gross Profit	116.5	87.5	133.8	116.2	84.9
Financial Income	34.1	38.8	6.2	17.1	62.6
Financial Expenses	57.5	45.8	70.3	52.4	-45.8
Interest Expense	55.0	43.4	68.7	51.0	-43.4
Share of Associates and Joint Ventures	0.3	2.1	1.1	2.1	2.4
Selling Expenses	—	0.0	0.0	0.0	-0.9
General and Administrative Expenses	71.3	65.4	58.6	62.0	-42.6
Operating Profit	22.0	17.2	12.2	21.0	60.5
Other Income	10.7	2.8	8.8	10.6	0.0
Other Expenses	4.2	4.8	9.6	7.9	0.0
Other Profit	6.5	-2.0	-0.8	2.7	6.2
Profit Before Tax	28.6	15.2	11.4	23.7	66.6
Current Income Tax Expense	6.0	10.4	3.0	3.8	-11.7
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	22.5	4.8	8.4	19.8	55.0
Non-controlling Interest	0.4	-0.1	-0.6	-0.4	0.4
Profit Attributable to Parent	22.1	4.9	9.0	20.3	54.5
Earnings per Share	437.00	96.00	177.00	400.00	2,101.00
Diluted EPS	436.80	96.15	177.06	399.93	1,075.78

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,054.7	2,559.7	2,468.3	2,013.3	1,886.6
I. Cash and cash equivalents	212.7	236.3	160.6	54.7	57.9
1. Cash	211.7	236.3	160.6	54.7	0.0
2. Cash equivalents	1.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	48.9	2.0	51.9	1.9	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	48.9	2.0	51.9	1.9	0.0
III. Short-term receivables	1,912.5	1,688.9	1,605.6	1,296.3	1,198.3
1. Short-term trade accounts receivable	1,132.0	1,191.0	1,236.5	916.0	0.0
2. Short-term prepayments to suppliers	630.2	345.5	189.1	99.1	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	158.7	160.2	186.4	287.8	0.0
7. Provision for short-term doubtful debts (*)	-8.3	-7.8	-6.5	-6.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	859.1	627.6	640.7	636.8	606.5
1. Inventories	859.1	627.6	640.7	636.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	21.5	4.9	9.5	23.5	22.1
1. Short-term prepayments	1.9	4.0	4.3	1.0	0.0
2. Value added tax to be reclaimed	12.0	0.9	0.4	15.2	0.0
3. Taxes and other receivables from state authorities	7.6	0.0	4.8	7.3	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)	668.2	680.6	703.7	696.1	577.3
I. Long-term receivables	0.3	0.9	0.6	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	0.3	0.9	0.6	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	332.3	344.4	326.2	336.7	345.5
1. Tangible fixed assets	330.3	339.6	322.8	336.5	344.9
- Cost	420.5	435.7	400.8	396.9	0.0
- Accumulated depreciation	-90.2	-96.2	-78.0	-60.4	0.0
2. Financial leased fixed assets	1.6	4.5	3.1	0.0	0.0
- Cost	1.8	5.2	3.4	0.0	0.0
- Accumulated depreciation	-0.2	-0.7	-0.3	0.0	0.0
3. Intangible fixed assets	0.5	0.3	0.3	0.2	0.6
- Cost	1.8	1.4	1.3	1.0	0.0
- Accumulated depreciation	-1.3	-1.1	-1.0	-0.9	0.0
III. Investment properties	98.2	67.0	69.2	71.4	73.5
- Cost	110.5	77.1	77.1	77.1	0.0
- Accumulated depreciation	-12.3	-10.1	-8.0	-5.8	0.0
IV. Long-term assets in progress	—	1.5	1.5	4.5	4.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	1.5	1.5	4.5	0.0
V. Long-term financial investments	216.0	244.8	270.4	245.9	140.1
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	215.7	209.5	206.2	190.1	0.0
3. Investments in other entities	0.0	0.0	8.9	8.9	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	0.3	35.3	55.3	46.9	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	21.4	22.0	35.9	37.7	0.0
1. Long-term prepayments	17.2	17.3	35.9	37.7	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	13.7
5. Goodwill	4.3	4.8	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	3,722.9	3,240.3	3,172.1	2,709.4	2,463.9
A. LIABILITIES (300=210+330)	3,039.2	2,579.1	2,502.5	2,042.4	1,771.9
I. Short -term liabilities	2,936.9	2,459.3	2,360.5	1,893.3	1,609.5
1. Short-term trade accounts payable	757.3	760.6	722.1	790.2	500.1
2. Short-term advances from customers	817.3	338.5	292.6	110.6	279.9
3. Taxes and other payables to state authorities	7.4	7.4	2.3	1.4	0.0
4. Payable to employees	21.6	15.0	14.8	11.0	0.0
5. Short-term acrrued expenses	0.4	0.3	0.5	0.5	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	0.2	3.3	0.0	2.9	0.0
9. Other short-term payables	10.4	29.0	45.1	49.5	0.0
10. Short-term borrowings and financial leases	1,322.5	1,302.6	1,283.0	925.6	777.7
11. Provision for short-term liabilities	0.1	0.3	0.5	0.9	0.0
12.. Bonus and welfare fund	-0.4	2.2	-0.4	0.6	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	102.3	119.9	142.0	149.1	162.4
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	101.9	119.5	142.0	149.1	162.4
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	0.4	0.4	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)	683.8	661.2	669.5	667.0	692.0
I. Owner's equity	683.8	661.2	669.5	667.0	0.0
1. Owner's capital	506.8	506.8	506.8	506.8	692.0
- Common stock with voting right	506.8	506.8	506.8	506.8	506.8
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	67.6	67.6	67.6	67.6	67.6
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	14.9	14.5	13.0	13.0	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	58.9	37.1	62.9	59.7	84.3
- Accumulated retained earning at the end of the previous period	36.8	32.2	53.9	39.5	29.8
- Undistributed earnings in this period	22.1	4.9	9.0	20.3	54.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	35.6	35.2	19.3	19.8	20.3
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)	3,722.9	3,240.3	3,172.1	2,709.4	2,463.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	28.6	15.2	11.4	23.7	66.6
Depreciation of Fixed Assets and Investment Property	21.4	21.3	21.9	22.8	8.2
Provision (Increase)/Reversal	0.3	1.0	-0.4	-0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-38.6	-41.6	-6.4	-20.8	0.0
Interest Expense	55.0	43.4	68.7	51.0	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	66.8	39.5	95.3	76.5	93.2
Increase/(Decrease) in Receivables	-208.0	-43.2	-273.1	-88.4	0.0
Increase/(Decrease) in Inventory	-231.4	13.0	-3.8	-27.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	460.7	72.5	110.7	140.3	0.0
Increase/(Decrease) in Prepaid Expenses	3.6	7.6	1.5	-23.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-55.0	-43.4	-68.7	-51.0	0.0
Corporate Income Tax Paid	-6.2	-7.8	-2.5	-5.9	0.0
Other Operating Receipts	—	0.5	0.0	0.0	0.0
Other Operating Payments	-2.6	-0.8	-1.0	-0.8	0.0
Net Cash Flow from Operating Activities	27.7	37.8	-141.7	19.4	-66.5
Payments for Fixed Assets and Other Long-term Assets	-42.0	-26.5	-12.8	-14.0	-68.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	5.8	1.3	3.6	5.9	1.2
Loans and Purchases of Debt Instruments	-46.7	0.0	-85.3	-67.0	-2.1
Receipts from Loan Repayments and Sale of Debt Instruments	35.0	70.0	26.9	35.0	81.2
Investments in Other Entities	-5.9	-1.2	-38.7	-85.7	-124.3
Proceeds from Investments in Other Entities	—	0.0	0.0	8.0	0.0
Dividends and Interest Income Received	0.2	6.5	3.6	1.2	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-53.6	50.0	-102.7	-116.6	2.4
Proceeds from Equity Issuance and Capital Contributions	—	16.0	0.0	0.0	258.5
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	1,585.4	1,556.5	1,678.0	1,419.4	1,428.1
Repayment of Borrowings	-1,582.2	-1,557.6	-1,325.8	-1,284.8	-1,648.7
Repayment of Finance Leases	-0.9	-1.8	-1.9	0.0	0.0
Dividends Paid	-0.0	-25.3	-0.0	-40.5	-0.2
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	2.3	-12.2	350.3	94.1	37.7
Net Cash Flow During the Period	-23.6	75.6	105.9	-3.1	16.4
Cash and Cash Equivalents at Beginning of Period	236.3	160.6	54.7	57.9	84.3
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	212.7	236.3	160.6	54.7	57.9

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	649.7	335.8	327.2	223.4	554.5	381.2	424.2	203.2	628.3	442.0	390.5	346.8
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	649.7	335.8	327.2	223.4	554.5	381.2	424.2	203.2	628.3	442.0	390.5	346.8
Cost of Goods Sold	625.7	299.3	296.8	196.5	544.9	355.2	393.4	176.6	588.9	406.5	356.9	320.0
Gross Profit	23.9	36.5	30.4	26.9	9.6	26.0	30.8	26.7	39.5	35.5	33.5	26.9
Financial Income	31.5	1.0	0.7	0.6	29.1	0.6	3.5	0.6	0.9	1.8	0.8	1.0
Financial Expenses	23.4	12.1	12.5	9.5	8.2	8.3	17.4	11.9	18.0	20.2	20.5	11.5
Interest Expense	22.6	11.0	12.2	9.2	7.2	7.2	17.1	11.7	17.5	20.1	19.5	11.3
Share of Associates and Joint Ventures	-0.1	-0.0	0.1	0.5	1.2	0.0	0.3	0.5	1.1	0.0	0.4	-0.4
Selling Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	22.7	17.8	15.5	16.1	19.6	15.9	15.9	14.6	17.3	14.1	13.7	13.4
Operating Profit	9.2	7.6	3.2	2.4	12.2	2.5	1.4	1.3	6.1	3.0	0.6	2.6
Other Income	7.7	1.7	0.2	1.4	1.1	1.2	0.5	0.1	1.7	2.1	3.9	1.2
Other Expenses	0.8	0.6	1.2	1.8	2.8	1.3	0.7	0.2	4.9	1.0	3.0	0.7
Other Profit	6.8	1.1	-1.0	-0.4	-1.7	-0.0	-0.2	-0.1	-3.2	1.1	0.9	0.4
Profit Before Tax	16.1	8.7	2.2	1.9	10.5	2.4	1.2	1.2	2.9	4.1	1.6	3.0
Current Income Tax Expense	2.9	1.4	1.1	0.7	9.4	0.3	0.4	0.3	0.4	1.1	0.7	0.9
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	13.2	7.3	1.1	1.3	1.0	2.1	0.8	0.9	2.5	3.0	0.8	2.2
Non-controlling Interest	0.9	0.5	-0.6	-0.4	-0.0	-0.6	-0.6	-0.1	0.2	0.1	-0.6	-0.3
Profit Attributable to Parent	12.2	6.7	1.7	1.7	1.1	2.7	1.4	1.0	2.3	2.9	1.4	2.4
Earnings per Share	242.00	133.00	34.00	33.00	21.00	53.00	28.00	20.00	45.00	58.00	27.00	48.00
Diluted EPS	241.61	133.05	33.73	33.45	20.85	53.30	27.55	19.89	45.46	57.67	27.30	48.13

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)	3,063.3	2,614.3	2,538.1	2,404.1	2,550.0	2,318.9	2,278.9	2,264.9	2,471.0	2,228.1	2,187.8	1,948.2
I. Cash and cash equivalents	212.7	94.9	35.0	37.8	236.3	18.9	71.4	34.7	160.6	19.9	26.9	14.2
1. Cash	211.7	63.9	15.0	37.8	236.3	18.9	71.4	34.7	160.6	19.9	26.9	14.2
2. Cash equivalents	1.0	31.0	20.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	48.7	15.9	10.4	10.2	2.0	2.0	2.0	1.9	52.2	2.2	2.2	1.9
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	48.7	15.9	10.4	10.2	2.0	2.0	2.0	1.9	52.2	2.2	2.2	1.9
III. Short-term receivables	1,919.0	1,720.9	1,693.2	1,660.5	1,686.7	1,577.4	1,496.7	1,565.6	1,606.2	1,582.5	1,502.5	1,303.5
1. Short-term trade accounts receivable	1,132.0	1,048.6	1,095.6	1,107.4	1,189.3	1,111.1	1,018.5	1,094.8	1,238.1	1,211.0	1,108.7	969.0
2. Short-term prepayments to suppliers	640.6	548.0	479.3	388.9	344.6	292.3	290.4	314.6	189.3	160.7	170.6	106.4
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	154.7	132.0	126.0	172.0	160.2	180.5	194.2	162.6	185.3	217.3	229.6	234.6
7. Provision for short-term doubtful debts (*)	-8.3	-7.8	-7.8	-7.8	-7.4	-6.5	-6.5	-6.5	-6.5	-6.5	-6.5	-6.5
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	861.7	770.6	786.7	686.6	620.0	712.1	694.3	650.0	642.3	612.4	641.3	612.2
1. Inventories	861.7	770.6	786.7	686.6	620.0	712.1	694.3	650.0	642.3	612.4	641.3	612.2
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	21.2	12.1	12.8	9.0	5.0	8.5	14.5	12.6	9.7	11.1	14.9	16.5
1. Short-term prepayments	1.6	1.6	2.3	2.9	4.0	2.0	3.4	3.7	4.5	4.8	0.4	0.2
2. Value added tax to be reclaimed	12.0	5.5	6.5	4.9	0.9	0.8	5.4	4.0	0.4	0.6	3.0	6.6
3. Taxes and other receivables from state authorities	7.6	4.9	4.1	1.2	0.1	5.7	5.7	4.9	4.8	5.7	11.6	9.7
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	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	668.4	699.4	668.5	677.4	680.6	683.8	694.8	682.1	700.7	650.3	658.5	667.7
I. Long-term receivables	0.3	0.3	0.3	0.3	0.9	0.6	0.6	0.6	0.6	0.6	0.6	0.6
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	0.3	0.3	0.3	0.3	0.9	0.6	0.6	0.6	0.6	0.6	0.6	0.6
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	332.3	333.9	338.8	339.7	312.2	314.0	318.1	321.6	326.2	322.7	327.2	332.0
1. Tangible fixed assets	330.3	332.1	336.9	337.7	307.4	310.8	314.8	318.2	322.8	319.4	323.9	328.5
- Cost	—	—	—	—	401.2	400.7	401.0	401.1	400.8	393.9	393.6	393.6
- Accumulated depreciation	—	—	—	—	-93.9	-89.9	-86.2	-82.9	-78.0	-74.5	-69.8	-65.1
2. Financial leased fixed assets	1.6	1.6	1.7	1.7	4.5	2.8	2.9	3.0	3.1	3.1	3.2	3.4
- 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	0.5	0.2	0.2	0.3	0.3	0.3	0.4	0.4	0.3	0.1	0.1	0.1
- 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	98.2	98.7	65.9	66.5	67.0	67.6	68.1	68.6	69.2	69.7	70.3	70.8
- 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	—	1.5	1.5	3.9	1.5	1.5	1.5	1.5	1.5	1.5	4.5	4.5
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	—	1.5	1.5	3.9	1.5	1.5	1.5	1.5	1.5	1.5	4.5	4.5
V. Long-term financial investments	216.2	248.3	245.5	245.4	244.8	243.7	243.6	251.0	270.1	222.3	222.3	221.8
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	215.9	213.0	210.1	210.0	209.5	208.3	208.3	206.8	206.2	166.5	166.5	166.0
3. Investments in other entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	8.9	8.9	8.9	8.9	8.9
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	0.3	35.3	35.3	35.3	35.3	35.3	35.3	35.3	55.0	46.9	46.9	46.9
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	21.4	16.8	16.6	21.7	54.2	56.5	63.0	38.8	33.1	33.6	33.7	38.0
1. Long-term prepayments	17.2	12.4	12.1	17.1	49.4	56.5	63.0	38.8	33.1	33.6	33.7	38.0
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	4.3	4.4	4.5	4.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	4.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	3,731.7	3,313.7	3,206.6	3,081.5	3,230.5	3,002.7	2,973.7	2,947.0	3,171.7	2,878.4	2,846.3	2,615.9
A. LIABILITIES (300=210+330)	3,047.6	2,642.9	2,543.0	2,419.1	2,569.3	2,318.5	2,291.6	2,276.5	2,502.1	2,211.2	2,182.2	1,952.6
I. Short -term liabilities	2,944.2	2,536.4	2,432.2	2,304.0	2,449.2	2,182.4	2,157.7	2,133.8	2,364.8	2,071.8	2,039.0	1,800.0
1. Short-term trade accounts payable	760.8	603.6	652.0	640.9	750.2	576.2	537.3	544.2	722.2	682.7	644.2	623.6
2. Short-term advances from customers	807.8	568.8	457.5	417.6	339.3	320.1	289.4	404.8	292.6	120.5	124.4	121.0
3. Taxes and other payables to state authorities	7.1	4.7	3.4	4.4	7.0	3.7	2.1	2.4	2.3	4.0	2.6	1.1
4. Payable to employees	25.3	6.5	10.4	9.9	17.7	9.8	9.2	9.7	14.8	9.3	8.5	7.2
5. Short-term acrrued expenses	0.4	0.5	0.5	0.4	0.3	0.2	0.2	0.5	0.5	0.7	1.4	1.1
6. Short-term inter-company payables	—	0.5	—	—	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	0.2	1.0	1.7	0.5	0.5	0.0	0.2	0.2	0.0	0.0	2.3	2.3
9. Other short-term payables	19.6	22.7	34.6	22.6	29.0	39.5	52.9	18.9	44.6	73.1	80.4	33.0
10. Short-term borrowings and financial leases	1,323.3	1,328.1	1,270.9	1,206.4	1,302.7	1,230.6	1,263.3	1,153.2	1,287.7	1,180.8	1,174.3	1,009.4
11. Provision for short-term liabilities	0.1	0.1	0.1	0.1	0.3	0.3	0.3	0.3	0.5	0.6	0.6	0.9
12.. Bonus and welfare fund	-0.4	-0.2	1.1	1.2	2.2	2.1	2.8	-0.6	-0.4	0.0	0.2	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	103.5	106.5	110.8	115.0	120.2	136.0	133.9	142.7	137.3	139.4	143.2	152.6
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	4.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	103.1	106.1	110.4	114.7	119.8	135.7	133.5	138.7	137.3	139.4	143.2	152.6
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	0.4	0.4	0.4	0.4	0.4	0.4	0.4	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)	684.0	670.9	663.6	662.5	661.2	684.2	682.1	670.5	669.6	667.1	664.1	663.3
I. Owner's equity	684.0	670.9	663.6	662.5	661.2	684.2	682.1	670.5	669.6	667.1	664.1	663.3
1. Owner's capital	506.8	506.8	506.8	506.8	506.8	506.8	506.8	506.8	506.8	506.8	506.8	506.8
- Common stock with voting right	506.8	506.8	506.8	506.8	506.8	506.8	506.8	506.8	506.8	506.8	506.8	506.8
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	67.6	67.6	67.6	67.6	67.6	67.6	67.6	67.6	67.6	67.6	67.6	67.6
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	14.9	14.9	14.9	14.5	14.5	14.5	14.5	13.0	13.0	13.0	13.0	13.0
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	59.2	46.9	40.2	38.8	37.1	36.0	34.4	63.9	62.9	60.6	57.7	56.3
- Accumulated retained earning at the end of the previous period	36.8	36.8	36.8	37.1	32.2	32.2	32.2	62.9	53.9	53.9	53.9	53.9
- Undistributed earnings in this period	22.4	10.2	3.4	1.7	4.9	3.9	2.2	1.0	9.1	6.7	3.8	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	35.6	34.7	34.2	34.8	35.2	59.2	58.8	19.2	19.3	19.1	19.0	19.6
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)	3,731.7	3,313.7	3,206.6	3,081.5	3,230.5	3,002.7	2,973.7	2,947.0	3,171.7	2,878.4	2,846.3	2,615.9

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	15.8	8.7	2.2	1.9	10.5	2.4	1.2	1.2	2.8	4.1	1.6	3.0
Depreciation of Fixed Assets and Investment Property	5.4	5.5	5.3	5.2	4.8	4.8	4.0	5.6	5.5	5.6	5.3	5.5
Provision (Increase)/Reversal	0.5	0.0	0.0	-0.2	0.0	0.0	-0.1	-0.2	-0.1	-0.0	-0.3	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	-35.8	-0.9	-0.8	-1.0	-30.8	-1.3	-3.9	-1.1	-2.3	-1.9	-0.9	-1.3
Interest Expense	22.6	11.0	12.2	9.2	7.2	7.2	17.1	11.7	17.6	20.1	19.8	11.3
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	-0.4	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	8.5	24.2	19.0	15.2	-8.5	12.7	18.3	17.1	23.5	27.8	25.5	18.6
Increase/(Decrease) in Receivables	-169.2	-37.8	-25.4	24.4	-103.1	-78.2	109.1	36.1	-22.9	-72.6	-194.2	16.6
Increase/(Decrease) in Inventory	-88.5	-6.0	-78.0	-58.9	92.2	3.3	-65.3	-9.4	-28.3	28.9	-29.1	24.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	406.4	47.0	64.7	-57.3	192.3	58.1	-118.7	-92.7	185.6	30.6	72.1	-177.6
Increase/(Decrease) in Prepaid Expenses	-4.0	0.7	5.6	1.3	0.3	-13.2	-2.8	-2.3	1.2	-4.3	4.1	0.5
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-22.6	-11.0	-12.2	-9.2	-7.2	-7.2	-17.1	-11.7	-17.6	-20.1	-19.8	-11.3
Corporate Income Tax Paid	-2.8	-0.1	-2.0	-1.2	-6.8	-0.3	-0.5	-0.1	-2.0	-0.5	-0.0	0.0
Other Operating Receipts	—	—	—	—	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.2	-1.3	-0.0	-1.0	-0.2	-0.4	-0.0	-0.2	-0.5	-0.1	-0.1	-0.4
Net Cash Flow from Operating Activities	127.4	15.6	-28.5	-86.8	159.1	-25.2	-77.1	-63.1	139.1	-10.3	-141.4	-129.0
Payments for Fixed Assets and Other Long-term Assets	-4.8	-11.2	-23.5	-2.5	-2.7	-0.4	0.0	-0.5	-8.7	-0.5	-0.2	-3.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	5.8	—	—	—	0.8	0.8	0.2	0.0	0.0	0.0	0.2	3.4
Loans and Purchases of Debt Instruments	12.1	-50.1	-0.5	-8.2	-0.0	-0.0	0.0	0.0	-85.0	0.0	-0.3	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	-10.0	45.0	—	—	0.0	0.0	0.0	70.0	26.9	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	-1.2	0.0	-38.7	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	-0.0	0.2	0.0	2.3	2.2	1.3	0.7	2.3	0.0	0.0	1.3
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	0.2	-8.2	-34.9	-10.7	0.4	2.6	0.3	70.2	-103.2	-0.4	-0.2	1.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	1.8	0.8	8.5	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	502.8	350.3	373.6	358.6	366.8	346.4	522.0	321.7	519.2	250.8	449.1	459.0
Repayment of Borrowings	-512.6	-297.1	-313.2	-459.3	-310.0	-376.7	-416.6	-454.3	-414.0	-246.6	-293.5	-371.6
Repayment of Finance Leases	-0.1	-0.1	-0.1	-0.4	-0.6	-0.4	-0.4	-0.4	-0.4	-0.4	-1.1	0.0
Dividends Paid	0.0	0.0	-0.0	—	0.0	0.0	0.0	-0.0	0.0	-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	-9.9	53.0	60.2	-101.1	58.0	-30.0	113.5	-133.1	104.8	3.8	154.4	87.3
Net Cash Flow During the Period	117.7	60.4	-3.2	-198.5	217.4	-52.6	36.8	-126.0	140.7	-7.0	12.8	-40.5
Cash and Cash Equivalents at Beginning of Period	94.9	34.5	37.8	236.3	160.6	160.6	160.6	160.6	54.7	54.7	54.7	54.7
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	212.7	94.9	34.5	37.8	236.3	18.9	71.5	34.7	160.6	19.9	26.9	14.2

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