PHH

Listed Company · UPCOM

Price

4,800

Latest close

06 Feb 2026

P/E 3.2x

EPS (TTM) 1,510

ROE (TTM) 12.3%

P/B 0.4x

BVPS (Latest) 13,263

ROA (TTM) 6.4%

What Is Changing

PHH no longer looks like a business simply rebounding from a weak base. Revenue posted +2019.6% YoY, while net margin reached 213.43% with an additional +496.3pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income turned positive to VND 38.4bn in 2025.
Net Margin broke above its recent high, rising 16758bps to 213.43% in 2025.
Revenue growth accelerated to 2019.6% in 2025, up 2102.7pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	18.0	0.8	5.0	19.6	172.8
Growth	+2020%	-83%	-74%	-89%	—
Net Income	38.4	-2.4	2.3	-8.7	0.5
Net Margin	213.43%	-282.91%	45.86%	-44.23%	0.28%

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	17.3	0.3	0.2	0.2	0.2	0.2	0.2	0.2	2.6	0.4	1.9	0.2
Growth	+6151%	+25%	+9%	+0%	-8%	0%	+4%	-92%	+638%	-82%	+778%	—
Net Income	-41.1	71.5	-0.1	-0.1	0.1	0.0	-2.5	-0.1	2.1	-0.1	-0.3	-1.7
Net Margin	-237.61%	25877.23%	-58.56%	-69.46%	73.51%	10.04%	-1129.44%	-58.70%	82.52%	-37.60%	-14.30%	-778.96%

Financial Statements

Profitability

Net margin reached 213.43% while Revenue posted +2019.6% YoY.

Balance Sheet

Inventory stood at 176.9bn, liabilities at 227.3bn, and equity at 265.3bn.

Cash Flow

Operating cash flow was -49.3bn in 2025, while investing cash flow was 80.4bn.

Financing cash flow: 5.9bn.

Item	2025	2024	2023	2022	2021
Revenue	18.0	0.8	5.0	19.6	172.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	18.0	0.8	5.0	19.6	172.8
Cost of Goods Sold	59.1	0.6	4.4	14.3	0.0
Gross Profit	-41.1	0.3	0.6	5.4	20.1
Financial Income	86.0	2.9	4.0	3.2	5.8
Financial Expenses	—	0.0	0.0	10.7	-1.5
Interest Expense	—	0.0	0.0	0.3	-1.5
Share of Associates and Joint Ventures	0.6	-2.3	0.0	-1.6	-0.0
Selling Expenses	—	0.0	0.0	0.8	-4.3
General and Administrative Expenses	5.9	3.3	1.6	7.3	-17.4
Operating Profit	39.6	-2.4	3.1	-11.8	2.7
Other Income	—	0.0	0.5	9.4	0.0
Other Expenses	0.0	0.0	1.1	5.0	0.0
Other Profit	-0.0	0.0	-0.7	4.4	-0.5
Profit Before Tax	39.6	-2.4	2.4	-7.4	2.1
Current Income Tax Expense	1.2	0.0	0.1	0.4	-1.7
Deferred Income Tax Expense	—	0.0	0.0	1.0	0.0
Net Income	38.4	-2.4	2.3	-8.7	0.5
Non-controlling Interest	-0.0	-0.0	-0.0	0.5	2.9
Profit Attributable to Parent	38.4	-2.4	2.3	-9.2	-2.4
Earnings per Share	2,121.00	-133.00	128.00	-508.00	163.00
Diluted EPS	1,919.18	-119.96	115.87	-459.75	-118.89

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	428.4	233.8	237.2	237.1	516.2
I. Cash and cash equivalents	43.2	6.1	11.8	9.5	60.4
1. Cash	14.8	5.3	1.3	1.2	0.0
2. Cash equivalents	28.4	0.8	10.5	8.3	0.0
II. Short-term financial investments	70.0	2.7	2.6	3.5	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	70.0	2.7	2.6	3.5	0.0
III. Short-term receivables	134.4	42.5	40.8	40.3	149.3
1. Short-term trade accounts receivable	5.8	5.8	5.8	5.8	0.0
2. Short-term prepayments to suppliers	16.3	14.2	14.2	14.1	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	155.0	64.0	64.0	60.0	0.0
6. Other short-term receivables	18.4	19.5	17.9	21.4	0.0
7. Provision for short-term doubtful debts (*)	-61.0	-61.0	-61.0	-61.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	176.9	182.1	181.6	182.2	291.5
1. Inventories	176.9	182.1	181.6	182.2	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	3.9	0.5	0.4	1.6	15.0
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	3.7	0.3	0.2	1.5	0.0
3. Taxes and other receivables from state authorities	0.1	0.2	0.2	0.2	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)	64.1	217.1	219.4	230.2	180.2
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	3.2	0.0	0.0	0.0	6.5
1. Tangible fixed assets	3.2	0.0	0.0	0.0	6.5
- Cost	3.8	0.5	0.7	2.5	0.0
- Accumulated depreciation	-0.6	-0.5	-0.7	-2.5	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	4.2	4.3	4.4	6.5	13.4
- Cost	4.7	4.7	4.7	6.8	0.0
- Accumulated depreciation	-0.5	-0.4	-0.3	-0.3	0.0
IV. Long-term assets in progress	8.7	8.5	8.3	4.6	103.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	8.7	8.5	8.3	4.6	0.0
V. Long-term financial investments	15.4	171.7	174.0	186.3	16.8
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	9.2	165.5	167.8	180.1	0.0
3. Investments in other entities	6.2	6.2	6.2	6.2	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	32.5	32.6	32.6	32.7	0.0
1. Long-term prepayments	32.5	32.6	32.6	32.7	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	39.9
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)	492.5	450.9	456.6	467.3	696.4
A. LIABILITIES (300=210+330)	227.3	224.0	227.3	240.0	348.7
I. Short -term liabilities	227.3	224.0	227.3	240.0	346.5
1. Short-term trade accounts payable	61.1	46.7	49.3	60.3	87.6
2. Short-term advances from customers	155.9	174.5	174.5	176.5	178.1
3. Taxes and other payables to state authorities	1.2	0.0	0.1	0.0	0.0
4. Payable to employees	0.1	0.0	0.0	0.1	0.0
5. Short-term acrrued expenses	—	0.0	0.0	0.0	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	0.0
9. Other short-term payables	2.9	2.6	3.2	3.0	0.0
10. Short-term borrowings and financial leases	5.9	0.0	0.0	0.0	30.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.2	0.2	0.2	0.2	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	2.2
1. Long-term trade payables	—	0.0	0.0	0.0	2.0
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	0.2
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)	265.3	226.9	229.3	227.3	347.6
I. Owner's equity	265.3	226.9	229.3	227.3	0.0
1. Owner's capital	200.0	200.0	200.0	200.0	347.6
- Common stock with voting right	200.0	200.0	200.0	200.0	200.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	59.7	59.7	59.7	59.7	59.7
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	-21.1	-21.1	-21.1	-21.1	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	23.9	23.9	23.9	23.9	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	4.2	4.2	4.2	4.2	0.0
11. Undistributed earnings after tax	-4.6	-43.0	-40.6	-42.6	-33.4
- Accumulated retained earning at the end of the previous period	-43.0	-40.6	-42.9	-33.4	-31.0
- Undistributed earnings in this period	38.4	-2.4	2.3	-9.2	-2.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	3.2	3.2	3.2	3.2	114.3
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)	492.5	450.9	456.6	467.3	696.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	39.6	-2.4	2.4	-7.4	2.1
Depreciation of Fixed Assets and Investment Property	0.3	0.1	0.2	1.0	3.9
Provision (Increase)/Reversal	—	0.0	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	-86.0	-0.6	-4.5	6.6	0.0
Interest Expense	—	0.0	0.0	0.3	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	-46.2	-2.9	-1.9	0.5	-2.2
Increase/(Decrease) in Receivables	-4.4	-0.3	1.2	-167.7	0.0
Increase/(Decrease) in Inventory	5.1	-0.5	0.6	5.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-3.9	-3.2	-12.7	41.5	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	0.0	0.1	3.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	-0.3	0.0
Corporate Income Tax Paid	-0.0	-0.1	0.0	-1.5	0.0
Other Operating Receipts	—	0.0	0.0	1.0	0.0
Other Operating Payments	-0.0	-0.0	-0.0	-0.6	0.0
Net Cash Flow from Operating Activities	-49.3	-7.0	-12.8	-119.1	-28.9
Payments for Fixed Assets and Other Long-term Assets	-3.6	-0.2	-0.2	-0.3	14.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	2.4	3.8	4.7
Loans and Purchases of Debt Instruments	-167.3	-5.0	-15.6	-204.7	-34.8
Receipts from Loan Repayments and Sale of Debt Instruments	9.0	5.0	12.5	0.0	0.1
Investments in Other Entities	—	0.0	0.0	-148.8	-8.2
Proceeds from Investments in Other Entities	240.4	0.0	15.6	-13.9	0.0
Dividends and Interest Income Received	1.9	1.5	0.4	3.1	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	80.4	1.3	15.1	-360.8	-15.1
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	460.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	9.4	0.0	0.0	0.4	38.6
Repayment of Borrowings	-3.5	0.0	0.0	-31.4	-53.8
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0
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	5.9	0.0	0.0	429.0	-15.2
Net Cash Flow During the Period	37.0	-5.7	2.3	-50.8	1.1
Cash and Cash Equivalents at Beginning of Period	6.1	11.8	9.5	60.4	119.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	43.2	6.1	11.8	9.5	60.4

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
Revenue	17.3	0.3	0.2	0.2	0.2	0.2	0.2	0.2	2.6	0.4	1.9	0.2
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	17.3	0.3	0.2	0.2	0.2	0.2	0.2	0.2	2.6	0.4	1.9	0.2
Cost of Goods Sold	58.7	0.1	0.1	0.1	0.1	0.1	0.1	0.1	2.1	0.3	1.8	0.2
Gross Profit	-41.4	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.5	0.1	0.1	0.0
Financial Income	1.3	84.5	0.1	0.1	0.4	0.1	0.2	0.1	1.6	0.0	0.2	0.0
Financial Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	0.6	—	—	—	-0.1	0.0	-0.0	0.0	-0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	1.5	3.7	0.3	0.3	0.2	0.2	2.7	0.3	0.2	0.3	0.5	0.6
Operating Profit	-41.1	80.9	-0.1	-0.1	0.1	0.0	-2.5	-0.1	1.7	-0.1	-0.3	-0.5
Other Income	—	—	—	—	0.0	0.0	0.0	0.0	0.5	0.0	0.0	0.0
Other Expenses	0.0	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.1
Other Profit	-0.0	-0.0	—	—	0.0	0.0	0.0	0.0	0.5	0.0	0.0	-1.1
Profit Before Tax	-41.1	80.9	-0.1	-0.1	0.1	0.0	-2.5	-0.1	2.2	-0.1	-0.3	-1.7
Current Income Tax Expense	—	9.4	—	—	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-41.1	71.5	-0.1	-0.1	0.1	0.0	-2.5	-0.1	2.1	-0.1	-0.3	-1.7
Non-controlling Interest	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Profit Attributable to Parent	-41.1	71.5	-0.1	-0.1	0.1	0.0	-2.5	-0.1	2.1	-0.1	-0.3	-1.7
Earnings per Share	-2,053.22	3,577.08	-6.45	-7.00	7.42	1.10	-123.20	-6.13	106.64	-6.58	-13.51	-83.83
Diluted EPS	-2,053.22	3,577.08	-6.45	-7.00	7.42	1.10	-123.20	-6.13	106.64	-6.58	-13.51	-83.83

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)	428.4	486.3	238.3	231.7	233.8	233.8	232.6	235.3	240.7	224.1	224.0	226.9
I. Cash and cash equivalents	43.2	58.1	4.3	3.0	6.1	1.2	1.7	4.1	11.8	4.8	5.3	3.2
1. Cash	14.8	0.7	4.3	0.7	5.3	0.2	0.1	0.2	1.3	1.0	0.9	0.9
2. Cash equivalents	28.4	57.3	—	2.3	0.8	1.0	1.5	3.9	10.5	3.8	4.3	2.3
II. Short-term financial investments	70.0	70.0	—	2.7	2.7	2.6	2.6	2.6	2.6	2.0	2.0	3.5
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	70.0	70.0	—	2.7	2.7	2.6	2.6	2.6	2.6	2.0	2.0	3.5
III. Short-term receivables	134.4	135.3	36.7	43.0	42.5	47.5	46.1	46.2	44.2	35.4	35.4	37.2
1. Short-term trade accounts receivable	5.8	5.8	5.8	5.8	5.8	5.8	5.8	5.8	5.8	5.8	5.9	5.8
2. Short-term prepayments to suppliers	16.3	17.4	17.7	14.7	14.2	14.2	14.2	14.2	14.2	14.2	14.2	14.1
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	155.0	155.0	55.0	64.0	64.0	69.0	69.0	69.0	64.0	55.0	55.0	57.0
6. Other short-term receivables	18.4	18.1	19.3	19.6	19.5	19.6	18.2	18.2	21.3	21.4	21.3	21.4
7. Provision for short-term doubtful debts (*)	-61.0	-61.0	-61.0	-61.0	-61.0	-61.0	-61.0	-61.0	-61.0	-61.0	-61.0	-61.0
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	176.9	219.0	195.6	182.5	182.1	182.0	181.7	181.9	181.6	181.3	180.7	182.2
1. Inventories	176.9	219.0	195.6	182.5	182.1	182.0	181.7	181.9	181.6	181.3	180.7	182.2
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	3.9	3.9	1.6	0.5	0.5	0.5	0.5	0.5	0.4	0.7	0.7	0.8
1. Short-term prepayments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	3.7	3.7	1.5	0.3	0.3	0.3	0.3	0.3	0.2	0.5	0.4	0.6
3. Taxes and other receivables from state authorities	0.1	0.1	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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)	64.1	63.3	217.2	217.1	217.1	217.1	219.3	219.4	213.8	229.6	230.0	229.8
I. Long-term receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	3.2	3.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Tangible fixed assets	3.2	3.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.5	0.7	0.7	0.7	0.7	2.5	2.5	2.5
- Accumulated depreciation	—	—	—	—	-0.5	-0.7	-0.7	-0.7	-0.7	-2.5	-2.5	-2.5
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	4.2	4.3	4.3	4.3	4.3	4.4	4.4	4.4	4.4	6.4	6.4	6.5
- 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	8.7	8.6	8.6	8.5	8.5	8.3	8.3	8.3	4.8	4.6	4.6	4.6
1. Long-term production in progress	8.7	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	8.6	8.6	8.5	8.5	8.3	8.3	8.3	4.8	4.6	4.6	4.6
V. Long-term financial investments	15.4	14.8	171.7	171.7	171.7	171.8	174.0	174.0	171.8	186.0	186.3	186.1
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	9.2	8.6	165.5	165.5	165.6	165.6	167.8	167.8	165.6	179.8	180.1	179.9
3. Investments in other entities	6.2	6.2	6.2	6.2	6.2	6.2	6.2	6.2	6.2	6.2	6.2	6.2
4. Provision for diminution in value of long-term investments	—	—	—	—	-0.1	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	32.5	32.6	32.6	32.6	32.6	32.6	32.6	32.6	32.6	32.5	32.6	32.6
1. Long-term prepayments	32.5	32.6	32.6	32.6	32.6	32.6	32.6	32.6	32.6	32.5	32.6	32.6
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)	492.5	549.6	455.5	448.8	450.9	450.9	451.9	454.6	454.4	453.7	454.0	456.8
A. LIABILITIES (300=210+330)	227.3	251.4	228.8	222.0	224.0	224.2	225.2	225.4	227.3	228.8	228.6	231.4
I. Short -term liabilities	227.3	251.4	228.8	222.0	224.0	224.2	225.2	225.4	227.3	228.8	228.6	231.4
1. Short-term trade accounts payable	61.1	60.1	46.5	44.7	46.7	47.1	47.0	47.5	49.3	50.5	50.1	51.5
2. Short-term advances from customers	155.9	174.3	174.5	174.3	174.5	174.3	174.5	174.3	174.5	174.6	174.9	176.3
3. Taxes and other payables to state authorities	1.2	9.4	—	—	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0
4. Payable to employees	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1
5. Short-term acrrued expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0
9. Other short-term payables	2.9	5.3	6.6	2.7	2.6	2.6	3.4	3.4	3.2	3.5	3.4	3.3
10. Short-term borrowings and financial leases	5.9	2.1	1.0	—	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	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	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	—	—	—	—	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)	265.3	298.2	226.6	226.7	226.9	226.7	226.7	229.2	227.1	224.9	225.4	225.4
I. Owner's equity	265.3	298.2	226.6	226.7	226.9	226.7	226.7	229.2	227.1	224.9	225.4	225.4
1. Owner's capital	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0
- Common stock with voting right	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	59.7	59.7	59.7	59.7	59.7	59.7	59.7	59.7	59.7	59.7	59.7	59.7
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	-21.1	-21.1	-21.1	-21.1	-21.1	-21.1	-21.1	-21.1	-21.1	-21.1	-21.1	-21.1
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	23.9	23.9	23.9	23.9	23.9	23.9	23.9	23.9	23.9	23.9	23.9	23.9
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	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2
11. Undistributed earnings after tax	-4.6	28.2	-43.3	-43.2	-43.0	-43.2	-43.2	-40.8	-42.8	-45.0	-44.5	-44.5
- Accumulated retained earning at the end of the previous period	-43.0	-43.0	-43.0	-43.0	-40.6	-40.6	-40.6	-40.6	-42.9	-42.9	-42.6	-42.9
- Undistributed earnings in this period	38.4	71.3	-0.3	-0.1	-2.4	-2.6	-2.6	-0.1	0.1	-2.1	-1.9	-1.7
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	3.2	3.2	3.2	3.2	3.2	3.2	3.2	3.2	3.2	3.2	3.2	3.2
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)	492.5	549.6	455.5	448.8	450.9	450.9	451.9	454.6	454.4	453.7	454.0	456.8

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	-41.1	80.9	-0.1	-0.1	0.1	0.0	-2.5	-0.1	4.5	-0.1	-0.3	-1.7
Depreciation of Fixed Assets and Investment Property	0.1	0.1	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-30.0	-55.8	-0.1	-0.1	-0.3	-0.1	-0.2	-0.1	-4.3	-0.0	-0.2	-0.0
Interest Expense	—	—	—	—	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	-71.0	25.2	-0.2	-0.2	-0.1	-0.0	-2.6	-0.2	0.3	-0.1	-0.4	-1.7
Increase/(Decrease) in Receivables	90.2	-90.0	-5.1	0.6	0.0	-1.4	-0.7	0.4	0.4	-0.0	-3.0	3.9
Increase/(Decrease) in Inventory	42.5	-23.8	-13.2	-0.4	-0.1	-0.3	0.2	-0.3	-0.3	-0.6	1.5	-0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-30.5	22.8	6.9	-3.1	-0.2	-1.0	0.5	-2.6	-1.5	0.2	-2.8	-8.6
Increase/(Decrease) in Prepaid Expenses	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.1	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	0.1	-0.1	—	—	0.0	0.0	0.0	-0.1	0.0	0.0	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	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	0.0	-0.0	-0.0	0.0
Net Cash Flow from Operating Activities	31.2	-65.8	-11.6	-3.1	-0.3	-2.8	-2.6	-2.8	-1.3	-0.5	-4.6	-6.4
Payments for Fixed Assets and Other Long-term Assets	-3.4	-0.1	-0.1	-0.0	-0.1	0.0	-0.1	0.0	-0.2	0.0	0.0	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	2.4	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-62.3	-105.0	—	—	0.0	0.0	-0.0	-5.0	-13.6	0.0	-2.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	-2.7	0.0	11.7	—	5.0	0.0	0.0	0.0	4.0	0.0	8.5	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	32.1	208.3	—	—	0.0	0.0	0.0	0.0	15.6	0.0	0.0	0.0
Dividends and Interest Income Received	-1.8	3.4	0.3	0.0	0.4	2.3	0.2	0.1	0.1	0.0	0.2	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	-38.1	106.6	11.9	-0.0	5.2	2.3	0.1	-4.9	8.3	0.0	6.7	0.0
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	7.3	1.1	1.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-3.5	—	—	—	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	—	—	—	—	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	3.8	1.1	1.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	-3.1	42.0	1.3	-3.1	5.0	-0.5	-2.5	-7.7	7.0	-0.5	2.1	-6.3
Cash and Cash Equivalents at Beginning of Period	58.1	4.3	3.0	6.1	11.8	11.8	11.8	11.8	9.5	9.5	9.5	9.5
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	43.2	58.1	4.3	3.0	6.1	1.2	1.7	4.1	11.8	4.8	5.3	3.2

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PHH

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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