PIC

Listed Company · HNX

Price

17,100

Latest close

02 Apr 2026

P/E 15.3x

EPS (TTM) 1,120

ROE (TTM) 10.8%

P/B 1.5x

BVPS (Latest) 11,355

ROA (TTM) 9.2%

What Is Changing

PIC no longer looks like a business simply rebounding from a weak base. Revenue posted +33.2% YoY, while net margin reached 26.26% with an additional -1.3pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income recovered 26.8% to VND 40.8bn in 2025.
Net margin declined from 27.59% in the prior period to 26.26% in 2025.
Revenue growth accelerated to 33.2% in 2025, up 48.5pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	155.5	116.7	137.9	149.4	127.4
Growth	+33%	-15%	-8%	+17%	—
Net Income	40.8	32.2	38.2	42.9	33.1
Net Margin	26.26%	27.59%	27.68%	28.70%	26.01%

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	54.6	26.2	33.4	41.2	51.4	16.6	18.3	30.4	52.3	17.1	23.1	45.4
Growth	+108%	-21%	-19%	-20%	+209%	-9%	-40%	-42%	+207%	-26%	-49%	—
Net Income	7.2	4.0	11.7	17.4	20.4	-0.8	1.1	11.3	14.8	-2.0	4.0	21.4
Net Margin	13.25%	15.37%	35.06%	42.13%	39.70%	-4.78%	6.05%	37.31%	28.27%	-11.58%	17.12%	47.24%

Financial Statements

Profitability

Net margin reached 26.26% while Revenue posted +33.2% YoY.

Balance Sheet

Inventory stood at 0.6bn, liabilities at 64.9bn, and equity at 379.1bn.

Cash Flow

Operating cash flow was 70.0bn in 2025, while investing cash flow was -32.6bn.

Financing cash flow: -36.4bn.

Item	2025	2024	2023	2022	2021
Revenue	155.5	116.7	137.9	149.4	127.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	155.5	116.7	137.9	149.4	127.4
Cost of Goods Sold	80.8	65.0	72.1	76.1	0.0
Gross Profit	74.7	51.7	65.7	73.3	60.1
Financial Income	1.0	0.6	1.7	2.3	1.3
Financial Expenses	2.1	2.6	6.7	10.8	-13.0
Interest Expense	2.1	2.6	6.7	10.8	-13.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0	0.0
General and Administrative Expenses	23.6	15.3	17.9	19.1	-13.3
Operating Profit	49.9	34.4	42.8	45.7	35.1
Other Income	0.0	4.6	0.0	0.0	0.0
Other Expenses	0.0	2.6	0.0	0.1	0.0
Other Profit	0.0	1.9	-0.0	-0.1	-0.1
Profit Before Tax	49.9	36.4	42.8	45.6	35.0
Current Income Tax Expense	9.1	4.2	4.7	2.7	-1.8
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	40.8	32.2	38.2	42.9	33.1
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	40.8	32.2	38.2	42.9	33.1
Earnings per Share	1,081.00	861.00	1,040.00	1,197.00	993.71
Diluted EPS	1,081.00	861.00	1,040.00	1,197.00	993.71

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	88.5	79.0	67.8	93.0	83.1
I. Cash and cash equivalents	16.0	15.1	21.8	39.9	33.3
1. Cash	0.5	0.6	0.2	0.2	0.0
2. Cash equivalents	15.5	14.5	21.6	39.7	0.0
II. Short-term financial investments	27.0	20.0	15.0	19.5	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	27.0	20.0	15.0	19.5	0.0
III. Short-term receivables	36.6	37.1	25.2	24.8	24.0
1. Short-term trade accounts receivable	32.0	23.0	23.7	24.0	0.0
2. Short-term prepayments to suppliers	3.2	12.8	0.3	0.2	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	1.4	1.3	1.2	0.7	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	0.6	0.4	0.1	0.4	0.5
1. Inventories	0.6	0.4	0.1	0.4	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	8.4	6.4	5.7	8.4	9.4
1. Short-term prepayments	0.1	0.3	0.3	0.3	0.0
2. Value added tax to be reclaimed	7.7	6.1	5.1	7.6	0.0
3. Taxes and other receivables from state authorities	0.6	0.0	0.3	0.5	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)	355.5	354.3	379.8	415.7	452.4
I. Long-term receivables	—	0.0	0.8	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	0.8	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	289.2	327.2	364.1	400.9	438.1
1. Tangible fixed assets	284.2	322.3	359.1	395.9	433.1
- Cost	655.3	654.5	654.1	652.5	0.0
- Accumulated depreciation	-371.0	-332.2	-295.0	-256.5	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	4.9	5.0	5.0	5.0	5.0
- Cost	5.1	5.1	5.1	5.1	0.0
- Accumulated depreciation	-0.2	-0.2	-0.2	-0.1	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	62.0	22.3	10.6	10.1	10.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	62.0	22.3	10.6	10.1	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	4.4	4.8	4.3	4.7	0.0
1. Long-term prepayments	2.0	2.1	1.7	1.8	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	2.4	2.7	2.6	2.8	0.0
4. Other long-term assets	—	0.0	0.0	0.0	4.2
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)	444.0	433.3	447.6	508.7	535.5
A. LIABILITIES (300=210+330)	64.9	63.7	88.1	154.2	164.9
I. Short -term liabilities	34.9	23.7	38.1	48.2	24.5
1. Short-term trade accounts payable	5.2	1.1	0.9	2.0	0.2
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	3.8	5.3	4.0	3.2	0.0
4. Payable to employees	18.8	8.4	11.1	12.7	0.0
5. Short-term acrrued expenses	0.1	2.2	0.1	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	5.0	2.8	19.2	28.8	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	6.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.0	3.9	2.9	1.3	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	30.0	40.0	50.0	106.0	140.5
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	30.0	40.0	50.0	106.0	140.5
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)	379.1	369.6	359.5	354.5	370.6
I. Owner's equity	379.1	369.6	359.5	354.5	0.0
1. Owner's capital	333.4	333.4	333.4	333.4	370.6
- Common stock with voting right	333.4	333.4	333.4	333.4	333.4
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	-0.0	-0.0	-0.0	-0.0	-0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.0	0.0	0.0	0.0
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	—	1.1	1.1	1.1	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	45.7	35.1	25.0	20.0	36.1
- Accumulated retained earning at the end of the previous period	3.7	2.9	3.5	3.8	3.0
- Undistributed earnings in this period	42.0	32.2	21.5	16.2	33.1
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)	444.0	433.3	447.6	508.7	535.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	49.9	36.4	42.8	45.6	35.0
Depreciation of Fixed Assets and Investment Property	38.8	37.2	38.6	39.5	38.3
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	0.0
Gain/Loss from Investment Activities	-1.0	-0.6	-1.7	-2.1	0.0
Interest Expense	2.1	2.6	6.7	10.8	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	89.9	75.6	86.5	93.7	84.9
Increase/(Decrease) in Receivables	-11.3	0.5	1.3	0.4	0.0
Increase/(Decrease) in Inventory	0.1	-0.4	0.5	-0.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	8.7	-0.6	-2.6	2.4	0.0
Increase/(Decrease) in Prepaid Expenses	0.3	-0.4	0.2	-0.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-2.1	-2.6	-6.9	-10.8	0.0
Corporate Income Tax Paid	-8.9	-2.7	-4.5	-3.1	0.0
Other Operating Receipts	0.4	0.0	0.0	0.7	0.0
Other Operating Payments	-7.1	-4.4	-5.0	-4.1	0.0
Net Cash Flow from Operating Activities	70.0	65.1	69.5	78.9	69.8
Payments for Fixed Assets and Other Long-term Assets	-26.6	-24.6	-1.6	-2.1	-6.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-18.1	-24.0	-28.0	-30.6	-0.9
Receipts from Loan Repayments and Sale of Debt Instruments	11.1	19.0	32.5	27.0	0.0
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	1.0	0.8	1.7	1.9	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	-32.6	-28.8	4.6	-3.8	-5.9
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	—	0.0	50.0	0.0	0.0
Repayment of Borrowings	-10.0	-10.0	-106.0	-40.7	-28.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-26.4	-33.1	-36.3	-27.7	-16.5
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-36.4	-43.1	-92.2	-68.5	-44.7
Net Cash Flow During the Period	0.9	-6.7	-18.1	6.6	24.0
Cash and Cash Equivalents at Beginning of Period	15.1	21.8	39.9	33.3	14.1
FX Difference from Revaluation	0.0	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	16.0	15.1	21.8	39.9	33.3

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	54.6	26.2	33.4	41.2	51.4	16.6	18.3	30.4	52.3	17.1	23.1	45.4
Revenue Deductions	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	54.6	26.2	33.4	41.2	51.4	16.6	18.3	30.4	52.3	17.1	23.1	45.4
Cost of Goods Sold	32.0	17.8	15.4	16.2	23.1	14.1	13.8	14.2	26.2	15.7	14.6	16.4
Gross Profit	22.6	8.5	18.0	25.1	28.3	2.6	4.6	16.1	26.1	1.4	8.6	29.0
Financial Income	0.2	0.3	0.3	0.2	0.1	0.2	0.2	0.2	0.2	0.5	0.5	0.4
Financial Expenses	0.5	0.5	0.5	0.5	0.7	0.7	0.5	0.6	1.1	1.6	1.9	2.1
Interest Expense	0.5	0.5	0.5	0.5	0.7	0.7	0.5	0.6	1.1	1.6	1.9	2.1
Share of Associates and Joint Ventures	—	—	—	0.0	0.0	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	0.0
General and Administrative Expenses	14.6	3.1	3.0	2.9	6.8	2.9	3.1	2.9	8.5	2.8	3.1	2.7
Operating Profit	7.7	5.1	14.7	21.8	20.8	-0.8	1.1	12.8	16.8	-2.6	4.1	24.6
Other Income	0.0	—	—	0.0	4.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.0	0.0	2.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.0	-0.0	-0.0	0.0	2.4	-0.0	-0.0	-0.0	-0.0	0.0	-0.0	0.0
Profit Before Tax	7.7	5.1	14.7	21.8	23.2	-0.8	1.1	12.8	16.8	-2.6	4.1	24.6
Current Income Tax Expense	0.5	1.1	3.0	4.5	2.8	-0.0	-0.0	1.4	2.0	-0.6	0.1	3.1
Deferred Income Tax Expense	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	7.2	4.0	11.7	17.4	20.4	-0.8	1.1	11.3	14.8	-2.0	4.0	21.4
Non-controlling Interest	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	7.2	4.0	11.7	17.4	20.4	-0.8	1.1	11.3	14.8	-2.0	4.0	21.4
Earnings per Share	217.13	120.91	350.93	431.00	611.79	-23.87	33.27	340.00	443.49	-59.21	118.89	643.00
Diluted EPS	217.13	120.91	350.93	431.00	856.00	-23.87	33.27	340.00	443.49	-59.21	118.89	643.00

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)	88.5	62.7	88.5	72.8	79.0	56.3	52.4	52.0	67.8	42.4	57.4	65.7
I. Cash and cash equivalents	16.0	2.6	26.8	8.6	15.1	4.8	15.7	12.7	21.8	8.8	15.7	7.3
1. Cash	0.5	0.6	5.3	0.6	0.6	0.2	0.4	0.6	0.2	0.3	0.3	0.3
2. Cash equivalents	15.5	2.0	21.5	8.0	14.5	4.6	15.3	12.1	21.6	8.5	15.4	7.0
II. Short-term financial investments	27.0	24.0	28.0	20.0	20.0	17.0	12.0	12.0	15.0	15.0	16.0	24.5
1. Available for sale securities	—	—	—	0.0	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	0.0
3. Held to maturity investments	27.0	24.0	28.0	20.0	20.0	17.0	12.0	12.0	15.0	15.0	16.0	24.5
III. Short-term receivables	36.6	26.4	24.8	36.1	37.1	26.9	17.8	21.7	25.2	11.0	19.0	27.7
1. Short-term trade accounts receivable	32.0	19.8	15.1	25.6	23.0	12.8	5.7	16.9	23.7	9.7	17.2	26.9
2. Short-term prepayments to suppliers	3.2	5.0	8.1	9.6	12.8	13.3	11.2	4.5	0.3	0.3	0.2	0.3
3. Short-term inter-company receivables	—	—	—	0.0	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	0.0
5. Short-term loan receivables	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	1.4	1.6	1.6	0.9	1.3	0.8	0.9	0.3	1.2	1.0	1.5	0.6
7. Provision for short-term doubtful debts (*)	—	—	—	0.0	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	0.0
IV. Inventories	0.6	0.7	0.6	0.3	0.4	0.3	0.1	0.2	0.1	0.5	0.7	0.2
1. Inventories	0.6	0.7	0.6	0.3	0.4	0.3	0.1	0.2	0.1	0.5	0.7	0.2
2. Provision for decline in value of inventories	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	8.4	9.0	8.3	7.9	6.4	7.3	6.7	5.5	5.7	7.0	6.0	6.0
1. Short-term prepayments	0.1	0.2	0.5	0.4	0.3	0.3	0.4	0.4	0.3	0.4	0.5	0.4
2. Value added tax to be reclaimed	7.7	8.8	7.8	7.5	6.1	5.5	5.3	5.2	5.1	4.9	5.0	5.6
3. Taxes and other receivables from state authorities	0.6	—	—	0.0	0.0	1.5	1.1	0.0	0.3	1.8	0.4	0.0
4. Government bonds	—	—	—	0.0	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	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	355.5	355.8	352.7	358.6	354.3	357.8	364.7	371.4	379.8	388.1	397.4	405.6
I. Long-term receivables	—	—	—	0.0	0.0	0.5	1.0	1.0	0.8	0.8	0.8	0.0
1. Long-term trade receivables	—	—	—	0.0	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	0.0
3. Capital at inter-company	—	—	—	0.0	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	0.0
5. Long-term loan receivables	—	—	—	0.0	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	0.5	1.0	1.0	0.8	0.8	0.8	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	0.0
II. Fixed assets	289.2	299.3	308.3	317.5	327.2	336.6	345.7	354.7	364.1	372.6	382.1	391.0
1. Tangible fixed assets	284.2	294.3	303.3	312.6	322.3	331.6	340.7	349.7	359.1	367.6	377.1	386.0
- Cost	—	—	—	654.5	654.5	653.9	653.8	654.1	654.1	652.6	652.6	652.5
- Accumulated depreciation	—	—	—	-342.0	-332.2	-322.3	-313.1	-304.4	-295.0	-284.9	-275.5	-266.5
2. Financial leased fixed assets	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	4.9	4.9	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0
- Cost	—	—	—	0.0	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	0.0
III. Investment properties	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	62.0	52.0	40.1	36.6	22.3	15.7	12.8	10.9	10.6	10.3	10.2	10.2
1. Long-term production in progress	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	62.0	52.0	40.1	36.6	22.3	15.7	12.8	10.9	10.6	10.3	10.2	10.2
V. Long-term financial investments	—	—	—	0.0	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	0.0
2. Investments in associates, joint-ventures	—	—	—	0.0	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	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	0.0
5. Held to maturity investments	—	—	—	0.0	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	0.0
VI. Other long-term assets	4.4	4.5	4.3	4.5	4.8	4.9	5.1	4.7	4.3	4.5	4.3	4.5
1. Long-term prepayments	2.0	1.8	1.6	1.9	2.1	2.2	2.5	2.1	1.7	1.6	1.5	1.6
2. Deferred income tax assets	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	2.4	2.7	2.7	2.6	2.7	2.7	2.6	2.6	2.6	2.8	2.8	2.8
4. Other long-term assets	—	—	—	0.0	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	0.0
VII. Goodwill (before 2015)	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	444.0	418.5	441.2	431.4	433.3	414.1	417.1	423.4	447.6	430.5	454.8	471.3
A. LIABILITIES (300=210+330)	65.4	47.1	47.2	44.4	63.8	65.1	50.5	52.6	88.1	69.1	81.4	95.3
I. Short -term liabilities	35.4	17.1	17.2	14.4	23.8	25.1	10.5	7.6	38.1	9.1	11.4	9.3
1. Short-term trade accounts payable	5.2	4.6	3.3	2.6	1.1	0.4	0.6	0.2	0.9	0.1	0.1	0.4
2. Short-term advances from customers	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	3.7	6.3	7.3	5.9	5.3	1.9	0.8	1.7	4.0	1.7	1.0	4.3
4. Payable to employees	19.4	0.8	0.9	1.2	8.5	0.9	1.2	1.2	11.0	1.0	1.2	0.8
5. Short-term acrrued expenses	0.1	0.0	0.0	0.0	2.2	0.1	0.1	0.0	0.1	0.1	0.1	0.2
6. Short-term inter-company payables	—	—	—	0.0	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	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
9. Other short-term payables	5.0	3.0	2.7	2.7	2.8	17.1	2.5	2.6	19.2	2.5	2.3	2.5
10. Short-term borrowings and financial leases	—	—	—	0.0	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	0.0
12.. Bonus and welfare fund	2.0	2.4	2.9	1.9	3.9	4.6	5.3	1.9	2.9	3.8	6.6	1.2
13. Price stabilization fund	—	—	—	0.0	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	0.0
II. Long-term liabilities	30.0	30.0	30.0	30.0	40.0	40.0	40.0	45.0	50.0	60.0	70.0	86.0
1. Long-term trade payables	—	—	—	0.0	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	0.0
3. Long-term acrrued expenses	—	—	—	0.0	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	0.0
5. Long-term inter-company payables	—	—	—	0.0	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	0.0
7. Other long-term liabilities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	30.0	30.0	30.0	30.0	40.0	40.0	40.0	45.0	50.0	60.0	70.0	86.0
9. Convertible bonds	—	—	—	0.0	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	0.0
11. Deferred income tax liabilities	—	—	—	0.0	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	0.0
13. Fund for technology development	—	—	—	0.0	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	0.0
B. OWNER'S EQUITY (400=410+430)	378.6	371.3	394.0	387.0	369.5	349.1	366.5	370.8	359.5	361.4	373.4	376.0
I. Owner's equity	378.6	371.3	394.0	387.0	369.5	349.1	366.5	370.8	359.5	361.4	373.4	376.0
1. Owner's capital	333.4	333.4	333.4	333.4	333.4	333.4	333.4	333.4	333.4	333.4	333.4	333.4
- Common stock with voting right	333.4	333.4	333.4	333.4	333.4	333.4	333.4	333.4	333.4	333.4	333.4	333.4
- Preferred stock	—	—	—	0.0	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	-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	0.0
4. Other capital of owners	—	—	—	0.0	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
6. Assets revaluation differences	—	—	—	0.0	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	0.0
8. Investment and development fund	—	—	—	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1
9. Fund to support corporate restructuring	—	—	—	0.0	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	0.0
11. Undistributed earnings after tax	45.2	38.0	60.6	52.5	35.0	14.6	32.0	36.3	25.0	26.9	38.9	41.5
- Accumulated retained earning at the end of the previous period	3.7	3.7	30.4	35.1	2.9	2.9	19.6	25.0	3.5	3.5	13.5	20.0
- Undistributed earnings in this period	41.5	34.2	30.2	17.4	32.0	11.6	12.4	11.3	21.5	23.4	25.4	21.4
12. Reserves for investment in construction	—	—	—	0.0	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	0.0
14. Financial reserves	—	—	—	0.0	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	0.0
1. Subsidized not-for-profit funds	—	—	—	0.0	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	0.0
C. MINORITY'S INTEREST	—	—	—	0.0	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)	444.0	418.5	441.2	431.4	433.3	414.1	417.1	423.4	447.6	430.5	454.8	471.3

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	8.3	5.1	14.7	21.8	23.2	-0.8	1.1	12.8	16.7	-2.6	4.1	24.6
Depreciation of Fixed Assets and Investment Property	10.2	9.7	9.3	9.7	10.0	9.2	8.7	9.4	10.2	9.5	9.0	10.0
Provision (Increase)/Reversal	—	—	—	0.0	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	0.0	-0.0	-0.0	0.0
Gain/Loss from Investment Activities	-0.2	-0.3	-0.3	-0.2	-0.1	-0.2	-0.2	-0.2	-0.2	-0.5	-0.5	-0.4
Interest Expense	0.5	0.5	0.5	0.5	0.7	0.7	0.5	0.6	1.1	1.6	1.9	2.1
Gain/Loss on Disposal of Fixed Assets	—	—	—	0.0	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	0.0
Amortization of Goodwill	—	—	—	0.0	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	0.0
Operating Profit Before Changes in Working Capital	18.7	15.0	24.2	31.9	33.8	8.9	10.2	22.6	27.8	8.0	14.4	36.3
Increase/(Decrease) in Receivables	-11.5	-5.7	10.1	-4.1	-10.7	-6.6	10.5	7.3	-14.2	7.9	8.6	-1.0
Increase/(Decrease) in Inventory	0.4	-0.1	-0.4	0.2	-0.2	-0.2	0.1	-0.0	0.7	0.2	-0.5	0.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	19.8	-0.4	0.5	-11.3	12.0	0.4	-0.4	-12.4	12.6	0.5	-1.2	-14.4
Increase/(Decrease) in Prepaid Expenses	-0.1	0.1	0.1	0.2	0.1	0.4	-0.4	-0.5	-0.0	0.0	0.0	0.2
Changes in Trading Securities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.5	-0.5	-0.5	-0.6	-0.7	-0.7	-0.5	-0.7	-1.2	-1.6	-2.0	-2.1
Corporate Income Tax Paid	-2.8	-2.2	-2.0	-1.9	-0.1	-0.4	-1.1	-1.1	-0.5	-0.7	-2.7	-0.6
Other Operating Receipts	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.5	-0.8	-3.7	-2.1	-0.7	-0.7	-1.9	-1.1	-0.8	-2.8	-1.1	-0.2
Net Cash Flow from Operating Activities	23.5	5.8	28.2	12.4	33.6	1.0	16.4	14.2	24.3	11.4	15.5	18.3
Payments for Fixed Assets and Other Long-term Assets	-7.5	-7.8	-2.3	-9.0	-5.9	-5.0	-8.4	-5.2	-1.4	-0.1	-0.1	-0.0
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	0.0
Loans and Purchases of Debt Instruments	-9.0	-1.0	-8.0	-0.0	-13.0	-5.0	0.0	-6.0	-3.0	-9.0	0.0	-16.0
Receipts from Loan Repayments and Sale of Debt Instruments	6.0	5.1	—	0.0	10.0	0.0	0.0	9.0	3.0	10.0	8.5	11.0
Investments in Other Entities	—	—	—	0.0	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	0.0
Dividends and Interest Income Received	0.4	0.2	0.3	0.1	0.0	0.2	0.1	0.4	0.1	0.7	0.6	0.4
Increase/(Decrease) in Term Deposits	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	-10.2	-3.6	-10.0	-8.9	-8.9	-9.8	-8.3	-1.8	-1.3	1.7	8.9	-4.7
Proceeds from Equity Issuance and Capital Contributions	—	—	—	0.0	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	0.0
Proceeds from Borrowings	—	—	—	0.0	0.0	0.0	0.0	0.0	50.0	0.0	0.0	0.0
Repayment of Borrowings	0.0	0.0	0.0	-10.0	0.0	0.0	-5.0	-5.0	-60.0	-10.0	-16.0	-20.0
Repayment of Finance Leases	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-26.4	-0.0	-0.0	-14.4	-2.1	-0.1	-16.5	-0.0	-9.9	-0.0	-26.3
Other Financing Receipts	—	—	—	0.0	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	0.0
Net Cash Flow from Financing Activities	-0.0	-26.4	-0.0	-10.0	-14.4	-2.1	-5.1	-21.5	-10.0	-19.9	-16.0	-46.3
Net Cash Flow During the Period	13.4	-24.1	18.2	-6.5	10.2	-10.9	3.0	-9.1	13.0	-6.9	8.4	-32.7
Cash and Cash Equivalents at Beginning of Period	2.6	26.8	8.6	15.1	21.8	21.8	21.8	21.8	39.9	39.9	39.9	39.9
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	-0.0
Cash and Cash Equivalents at End of Period	16.0	2.6	26.8	8.6	15.1	4.8	15.7	12.7	21.8	8.8	15.7	7.3

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PIC

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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