PLP

Listed Company · HOSE

Price

5,240

Latest close

03 Apr 2026

P/E 17.5x

EPS (TTM) 299

ROE (TTM) 2.3%

P/B 0.5x

BVPS (Latest) 11,549

ROA (TTM) 0.8%

What Is Changing

PLP no longer looks like a business simply rebounding from a weak base. Revenue posted +43.5% YoY, while net margin reached 1.02% with an additional +0.6pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income recovered 233.6% to VND 29.4bn in 2025.
Net margin improved from 0.44% in the prior period to 1.02% in 2025.
Revenue growth accelerated to 43.5% in 2025, up 32.7pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	2,874.8	2,002.7	1,806.3	2,857.5	2,463.6
Growth	+44%	+11%	-37%	+16%	—
Net Income	29.4	8.8	11.1	40.8	144.3
Net Margin	1.02%	0.44%	0.61%	1.43%	5.86%

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	937.3	692.7	683.7	561.1	638.4	516.9	499.7	384.5	495.2	443.6	575.4	638.9
Growth	+35%	+1%	+22%	-12%	+24%	+3%	+30%	-22%	+12%	-23%	-10%	—
Net Income	1.6	6.0	7.8	5.9	1.8	0.3	15.9	-10.8	-3.7	7.4	-111.8	9.5
Net Margin	0.17%	0.87%	1.14%	1.05%	0.29%	0.06%	3.19%	-2.80%	-0.75%	1.67%	-19.42%	1.49%

Financial Statements

Profitability

Net margin reached 1.02% while Revenue posted +43.5% YoY.

Balance Sheet

Inventory stood at 381.6bn, liabilities at 1,977.3bn, and equity at 1,040.9bn.

Cash Flow

Operating cash flow was -316.7bn in 2025, while investing cash flow was -159.0bn.

Financing cash flow: 492.8bn.

Item	2025	2024	2023	2022	2021
Revenue	2,874.9	2,002.8	1,806.3	2,858.1	2,464.9
Revenue Deductions	0.0	0.1	0.0	0.7	0.0
Net Revenue	2,874.8	2,002.7	1,806.3	2,857.5	2,463.6
Cost of Goods Sold	2,682.9	1,877.4	1,669.1	2,463.0	0.0
Gross Profit	191.9	125.3	137.2	394.5	255.5
Financial Income	6.6	34.4	7.1	75.6	90.1
Financial Expenses	100.5	58.1	65.8	172.4	-74.7
Interest Expense	99.5	56.1	63.3	100.2	-69.6
Share of Associates and Joint Ventures	-0.1	0.0	0.0	-0.5	-0.0
Selling Expenses	24.7	21.4	29.3	190.7	-88.7
General and Administrative Expenses	41.6	29.3	24.7	68.7	-33.2
Operating Profit	31.6	50.9	24.5	37.8	149.1
Other Income	1.2	0.2	0.0	11.3	0.0
Other Expenses	3.4	42.2	9.5	3.6	0.0
Other Profit	-2.2	-42.0	-9.5	7.6	-2.4
Profit Before Tax	29.4	8.9	15.0	45.5	146.8
Current Income Tax Expense	—	0.0	3.9	4.3	-2.5
Deferred Income Tax Expense	—	0.0	0.0	0.4	0.0
Net Income	29.4	8.8	11.1	40.8	144.3
Non-controlling Interest	—	0.0	0.0	7.6	13.3
Profit Attributable to Parent	29.4	8.8	11.1	33.2	131.0
Earnings per Share	411.00	126.00	158.00	551.00	2,256.00
Diluted EPS	411.00	126.00	158.00	474.25	3,275.06

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,892.9	1,514.4	1,257.8	1,783.2	1,659.0
I. Cash and cash equivalents	33.2	16.0	17.0	26.3	26.1
1. Cash	33.2	16.0	17.0	25.9	0.0
2. Cash equivalents	—	0.0	0.0	0.4	0.0
II. Short-term financial investments	113.9	76.3	47.1	71.2	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	113.9	76.3	47.1	71.2	0.0
III. Short-term receivables	1,306.0	998.8	893.5	1,100.6	853.7
1. Short-term trade accounts receivable	951.2	606.9	532.2	845.1	0.0
2. Short-term prepayments to suppliers	160.9	148.9	101.7	9.1	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	89.7	7.2	10.6	0.0	0.0
6. Other short-term receivables	110.2	240.5	253.1	248.9	0.0
7. Provision for short-term doubtful debts (*)	-6.1	-4.6	-4.1	-2.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	381.6	366.2	288.2	558.7	543.9
1. Inventories	381.6	366.2	288.2	558.7	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	58.2	57.1	11.9	26.4	45.9
1. Short-term prepayments	4.5	3.2	1.9	4.1	0.0
2. Value added tax to be reclaimed	53.1	49.9	9.5	21.7	0.0
3. Taxes and other receivables from state authorities	0.7	4.0	0.5	0.6	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)	1,125.3	877.6	485.6	937.4	994.7
I. Long-term receivables	13.4	13.4	2.8	4.4	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	2.5
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	13.4	13.4	2.8	4.4	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	728.7	557.2	179.7	704.2	732.4
1. Tangible fixed assets	532.0	350.1	167.7	367.2	405.5
- Cost	665.6	450.6	292.8	525.1	0.0
- Accumulated depreciation	-133.6	-100.5	-125.1	-157.9	0.0
2. Financial leased fixed assets	185.4	195.4	0.0	88.2	98.6
- Cost	197.4	197.4	0.0	104.7	0.0
- Accumulated depreciation	-12.0	-1.9	0.0	-16.6	0.0
3. Intangible fixed assets	11.3	11.7	12.1	248.9	228.3
- Cost	15.0	15.0	15.0	284.5	0.0
- Accumulated depreciation	-3.7	-3.4	-3.0	-35.6	0.0
III. Investment properties	11.0	6.5	0.0	0.0	0.0
- Cost	11.0	6.5	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	63.2	69.8	7.5	8.6	0.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	63.2	69.8	7.5	8.6	0.0
V. Long-term financial investments	236.8	206.6	273.6	176.9	207.9
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	171.5	209.0	209.0	172.6	0.0
3. Investments in other entities	64.5	0.0	65.2	0.0	0.0
4. Provision for diminution in value of long-term investments	—	-3.7	-2.8	0.0	0.0
5. Held to maturity investments	0.8	1.3	2.3	4.3	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	72.1	23.9	22.0	43.3	0.0
1. Long-term prepayments	28.1	23.9	22.0	35.9	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	51.8
5. Goodwill	44.0	0.0	0.0	7.4	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	3,018.2	2,392.0	1,743.4	2,720.6	2,653.7
A. LIABILITIES (300=210+330)	1,977.3	1,591.7	951.9	1,584.7	1,868.5
I. Short -term liabilities	1,562.0	1,196.8	938.0	1,509.8	1,569.3
1. Short-term trade accounts payable	220.5	170.5	99.2	340.3	398.7
2. Short-term advances from customers	194.2	202.0	117.6	10.8	15.2
3. Taxes and other payables to state authorities	3.0	2.1	3.8	6.9	0.0
4. Payable to employees	5.1	5.0	1.1	5.9	0.0
5. Short-term acrrued expenses	13.9	4.2	2.0	5.0	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
9. Other short-term payables	7.2	6.0	5.6	11.7	0.0
10. Short-term borrowings and financial leases	1,113.8	802.7	704.2	1,122.4	957.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	4.4	4.4	4.5	6.9	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	415.2	394.9	13.9	74.9	299.2
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	415.2	394.9	13.9	74.3	299.2
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	0.6	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)	1,040.9	800.3	791.5	1,135.9	785.2
I. Owner's equity	1,040.9	800.3	791.5	1,135.9	0.0
1. Owner's capital	900.0	700.0	700.0	700.0	785.2
- Common stock with voting right	900.0	700.0	700.0	700.0	400.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	-0.2	-0.2	-0.2	-0.2	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	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	5.9	5.9	5.9	5.9	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	124.1	94.6	85.8	215.2	171.6
- Accumulated retained earning at the end of the previous period	94.6	85.8	74.7	182.0	36.1
- Undistributed earnings in this period	29.4	8.8	11.1	33.2	135.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	11.1	0.0	0.0	215.0	207.7
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)	3,018.2	2,392.0	1,743.4	2,720.6	2,653.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	29.4	8.9	15.0	45.5	93.7
Depreciation of Fixed Assets and Investment Property	30.4	8.4	22.5	81.6	21.2
Provision (Increase)/Reversal	-0.7	1.3	1.5	-1.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	-1.6	-0.0	0.9	0.4	0.0
Gain/Loss from Investment Activities	-2.7	-71.4	-3.8	-94.8	0.0
Interest Expense	99.5	56.1	63.3	100.2	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	154.4	3.3	99.4	131.4	202.8
Increase/(Decrease) in Receivables	-335.6	-248.2	50.1	-204.7	0.0
Increase/(Decrease) in Inventory	4.9	-78.0	-12.8	-14.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-36.1	173.2	6.7	-73.3	0.0
Increase/(Decrease) in Prepaid Expenses	-5.3	-3.2	4.8	9.3	0.0
Changes in Trading Securities	—	0.0	0.0	119.7	0.0
Interest Paid	-98.9	-56.1	-63.4	-105.1	0.0
Corporate Income Tax Paid	-0.0	-3.0	-3.4	-3.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	-0.1	-2.4	-2.0	0.0
Net Cash Flow from Operating Activities	-316.7	-212.0	79.0	-142.7	-59.9
Payments for Fixed Assets and Other Long-term Assets	-148.5	-276.5	-19.3	-19.3	-4.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.1	0.0	1.5	-15.0
Loans and Purchases of Debt Instruments	-50.9	-44.1	-24.5	-105.8	-13.6
Receipts from Loan Repayments and Sale of Debt Instruments	21.0	19.6	18.0	89.1	0.0
Investments in Other Entities	-132.8	0.0	0.0	-177.2	-53.2
Proceeds from Investments in Other Entities	148.9	274.3	37.7	160.8	0.0
Dividends and Interest Income Received	3.2	2.9	3.3	4.2	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	-159.0	-23.7	15.1	-46.7	-86.0
Proceeds from Equity Issuance and Capital Contributions	200.0	0.0	0.0	315.6	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	2,265.4	2,457.6	1,645.3	2,540.9	1,318.5
Repayment of Borrowings	-1,948.2	-2,183.1	-1,726.5	-2,647.8	-1,211.4
Repayment of Finance Leases	-24.3	-39.9	0.0	-35.3	-0.2
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	492.8	234.7	-81.1	173.4	106.9
Net Cash Flow During the Period	17.2	-1.0	13.0	-15.9	0.0
Cash and Cash Equivalents at Beginning of Period	16.0	17.0	4.0	42.2	36.5
FX Difference from Revaluation	0.0	0.0	-0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	33.2	16.0	17.0	26.3	0.0

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	937.3	692.7	683.8	561.1	640.6	516.9	499.7	384.5	495.2	443.6	575.5	638.9
Revenue Deductions	—	—	0.0	—	2.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	937.3	692.7	683.7	561.1	638.4	516.9	499.7	384.5	495.2	443.6	575.4	638.9
Cost of Goods Sold	882.0	648.3	636.0	520.6	552.0	499.4	491.0	371.8	466.0	407.1	560.9	554.5
Gross Profit	55.3	44.4	47.7	40.5	86.4	17.5	8.7	12.7	29.2	36.5	14.6	84.4
Financial Income	4.2	0.4	1.7	0.3	1.8	0.3	31.3	0.6	1.7	1.2	2.5	1.5
Financial Expenses	37.4	23.7	25.9	19.9	20.3	10.1	13.4	13.2	16.0	15.9	106.1	31.4
Interest Expense	28.4	24.4	23.6	19.9	20.3	10.1	12.4	11.6	14.7	15.1	23.2	24.5
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.1
Selling Expenses	9.0	4.7	4.8	6.3	9.0	2.3	5.2	4.9	3.8	6.0	10.5	25.1
General and Administrative Expenses	10.2	11.1	10.5	8.0	13.2	4.6	5.3	4.1	5.3	6.9	10.7	17.9
Operating Profit	2.9	5.3	8.3	6.5	45.7	0.7	16.1	-8.9	5.8	8.9	-110.2	11.3
Other Income	0.0	1.2	0.0	—	0.0	0.0	0.1	0.0	0.0	2.8	0.0	0.0
Other Expenses	1.3	0.5	0.6	0.6	43.9	0.4	-1.1	1.8	8.3	3.4	0.4	0.3
Other Profit	-1.3	0.7	-0.5	-0.6	-43.9	-0.4	1.3	-1.8	-8.3	-0.6	-0.4	-0.3
Profit Before Tax	1.6	6.0	7.8	5.9	1.8	0.3	17.4	-10.8	-2.5	8.3	-110.6	11.1
Current Income Tax Expense	—	—	—	—	0.0	0.0	1.5	0.0	1.2	0.9	1.2	1.5
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	1.6	6.0	7.8	5.9	1.8	0.3	15.9	-10.8	-3.7	7.4	-111.8	9.5
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.1	-17.1	4.1
Profit Attributable to Parent	1.6	6.0	7.8	5.9	1.8	0.3	15.9	-10.8	-3.7	7.5	-94.6	5.4
Earnings per Share	17.98	86.26	110.92	84.30	26.27	4.38	227.45	-153.69	-52.76	107.00	-1,352.00	77.00
Diluted EPS	17.98	86.26	110.92	84.30	26.27	4.38	227.45	-153.69	-52.76	107.23	-1,351.99	77.18

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,903.6	1,486.8	1,381.9	1,378.2	1,685.4	1,529.6	1,339.3	1,307.1	1,266.9	1,263.8	1,290.2	2,010.2
I. Cash and cash equivalents	32.8	17.0	10.9	7.3	15.8	4.0	6.1	11.0	17.1	16.5	1.5	8.3
1. Cash	32.8	17.0	10.9	7.3	15.8	4.0	6.1	11.0	17.1	16.5	1.5	8.3
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	113.9	114.1	74.8	74.3	76.3	73.0	69.5	38.5	47.1	40.7	53.1	106.6
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	113.9	114.1	74.8	74.3	76.3	73.0	69.5	38.5	47.1	40.7	53.1	106.6
III. Short-term receivables	1,325.5	1,027.1	1,020.1	894.5	1,175.2	1,129.5	935.8	971.2	901.8	859.4	911.8	1,268.4
1. Short-term trade accounts receivable	961.8	726.2	662.5	582.4	607.2	519.9	512.1	465.6	535.6	490.6	530.6	836.3
2. Short-term prepayments to suppliers	168.3	78.6	43.8	55.7	188.5	132.0	72.5	201.5	101.7	120.5	77.2	12.6
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	—	—	15.9	77.2	7.2	7.2	7.2	10.6	13.9	7.2	0.0	0.0
6. Other short-term receivables	200.0	226.8	302.4	183.7	376.4	474.5	348.1	297.6	253.1	243.6	306.4	422.0
7. Provision for short-term doubtful debts (*)	-4.6	-4.6	-4.6	-4.6	-4.1	-4.1	-4.1	-4.1	-2.5	-2.5	-2.5	-2.5
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	373.4	287.6	221.4	342.7	358.7	271.9	288.7	270.5	289.0	331.2	310.2	593.8
1. Inventories	373.4	287.6	221.4	342.7	358.7	271.9	288.7	270.5	289.0	331.2	310.2	593.8
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	58.0	40.9	54.7	59.3	59.4	51.1	39.2	16.0	11.9	16.0	13.8	33.1
1. Short-term prepayments	4.5	5.2	6.3	4.4	2.8	2.7	6.7	2.1	1.9	2.5	2.1	10.6
2. Value added tax to be reclaimed	53.1	35.4	48.0	54.4	50.4	40.2	32.1	13.5	9.5	12.1	10.8	22.2
3. Taxes and other receivables from state authorities	0.5	0.3	0.4	0.5	6.1	8.2	0.4	0.3	0.5	1.3	0.8	0.3
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)	1,125.4	973.9	981.5	1,014.0	875.8	701.7	603.0	488.3	485.1	521.0	521.1	911.3
I. Long-term receivables	13.4	13.4	13.4	13.4	13.4	13.4	13.4	2.9	2.8	2.8	2.8	4.5
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	13.4	13.4	13.4	13.4	13.4	13.4	13.4	2.9	2.8	2.8	2.8	4.5
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	728.7	684.6	688.6	659.3	558.5	177.3	177.9	177.7	179.7	243.5	243.0	682.7
1. Tangible fixed assets	532.0	485.3	486.7	454.8	351.5	165.5	166.1	165.7	167.7	169.9	169.4	355.2
- Cost	—	—	—	—	451.6	296.1	295.4	296.3	292.8	289.5	285.6	525.1
- Accumulated depreciation	—	—	—	—	-100.1	-130.5	-129.4	-130.6	-125.1	-119.5	-116.2	-170.0
2. Financial leased fixed assets	185.4	187.9	190.4	192.9	195.3	0.0	0.0	0.0	0.0	0.0	0.0	85.5
- 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
3. Intangible fixed assets	11.3	11.4	11.5	11.6	11.7	11.8	11.9	12.0	12.1	73.5	73.6	242.0
- 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	11.0	11.0	6.5	6.5	0.0	3.1	3.0	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	63.2	0.9	9.4	39.0	73.0	280.0	179.8	12.9	7.5	12.3	9.0	8.6
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	63.2	0.9	9.4	39.0	73.0	280.0	179.8	12.9	7.5	12.3	9.0	8.6
V. Long-term financial investments	236.9	237.4	235.1	271.1	207.5	207.5	208.5	273.6	273.2	239.4	241.9	176.6
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	173.0	173.0	173.0	209.0	209.0	209.0	209.0	209.0	209.0	172.3	172.3	172.3
3. Investments in other entities	64.5	64.5	64.5	64.5	0.0	0.0	0.0	65.2	65.2	65.2	65.4	0.0
4. Provision for diminution in value of long-term investments	-1.4	-1.4	-3.7	-3.7	-2.8	-2.8	-2.8	-2.8	-3.3	-0.4	0.0	0.0
5. Held to maturity investments	0.8	1.3	1.3	1.3	1.3	1.3	2.3	2.3	2.3	2.3	4.3	4.3
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	72.2	26.5	28.3	24.6	23.4	20.3	20.5	21.2	22.0	23.1	24.4	31.8
1. Long-term prepayments	28.2	26.5	28.3	24.6	23.4	20.3	20.5	21.2	22.0	23.1	24.4	31.8
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	44.0	—	—	—	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	7.2
TOTAL ASSETS (280=100+200)	3,028.9	2,460.7	2,363.4	2,392.2	2,561.2	2,231.2	1,942.3	1,795.4	1,752.0	1,784.8	1,811.3	2,921.5
A. LIABILITIES (300=210+330)	1,989.6	1,643.1	1,549.4	1,586.0	1,766.2	1,438.1	1,145.7	1,014.7	959.2	949.6	982.9	1,680.1
I. Short -term liabilities	1,565.3	1,255.8	1,164.6	1,189.0	1,360.4	1,239.3	1,034.5	1,000.8	945.3	949.6	982.9	1,610.6
1. Short-term trade accounts payable	227.5	184.0	144.2	232.2	170.7	147.9	134.5	102.3	103.2	108.9	142.7	287.8
2. Short-term advances from customers	204.7	125.0	120.9	127.0	209.2	152.1	144.3	146.5	121.2	78.9	59.6	36.3
3. Taxes and other payables to state authorities	2.7	1.6	1.3	1.7	5.8	9.2	3.8	4.1	3.4	4.2	4.0	8.7
4. Payable to employees	5.1	4.2	4.4	4.3	5.0	3.2	1.2	1.1	1.1	2.5	2.5	5.2
5. Short-term acrrued expenses	8.8	5.5	8.6	4.4	1.9	0.4	0.4	0.6	2.0	0.9	2.1	6.7
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	7.2	7.4	6.2	6.9	160.8	106.1	54.3	49.1	5.6	6.5	6.0	58.9
10. Short-term borrowings and financial leases	1,104.8	923.7	874.6	808.0	802.7	816.2	691.7	692.6	704.2	743.1	761.4	1,202.3
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	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.5	4.5	4.5	4.5
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	424.2	387.3	384.8	397.0	405.7	198.7	111.2	13.9	13.9	0.0	0.0	69.5
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	424.2	387.3	384.8	397.0	405.7	198.7	111.2	13.9	13.9	0.0	0.0	69.5
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)	1,039.4	817.6	814.0	806.2	795.0	793.2	796.7	780.7	792.8	835.2	828.4	1,241.4
I. Owner's equity	1,039.4	817.6	814.0	806.2	795.0	793.2	796.7	780.7	792.8	835.2	828.4	1,241.4
1. Owner's capital	900.0	700.0	700.0	700.0	700.0	700.0	700.0	700.0	700.0	700.0	700.0	700.0
- Common stock with voting right	900.0	700.0	700.0	700.0	700.0	700.0	700.0	700.0	700.0	700.0	700.0	700.0
- 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	5.9	5.9	5.9	5.9	5.9	5.9	5.9	5.9	5.9	5.9	5.9	5.9
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	122.5	111.9	108.3	100.5	89.3	87.5	91.0	75.0	87.1	105.4	98.7	193.3
- Accumulated retained earning at the end of the previous period	94.6	94.6	94.6	94.6	85.8	85.8	85.8	85.8	74.7	182.2	187.9	187.9
- Undistributed earnings in this period	27.9	17.3	13.7	5.9	3.5	1.7	5.2	-10.8	12.4	-76.8	-89.2	5.4
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	11.1	—	—	—	0.0	0.0	0.0	0.0	0.0	24.1	24.1	342.4
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)	3,028.9	2,460.7	2,363.4	2,392.2	2,561.2	2,231.2	1,942.3	1,795.4	1,752.0	1,784.8	1,811.3	2,921.5

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	12.2	6.0	5.4	5.9	-2.1	0.3	18.1	-10.8	99.8	8.3	-104.2	11.1
Depreciation of Fixed Assets and Investment Property	8.0	7.9	7.0	7.5	3.4	4.1	-5.2	7.8	105.2	-116.6	12.3	21.6
Provision (Increase)/Reversal	1.6	0.0	-2.3	—	0.0	0.0	0.0	0.0	1.1	0.4	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-4.7	0.0	3.0	—	0.0	0.3	-0.3	0.0	0.9	0.3	-0.3	-0.0
Gain/Loss from Investment Activities	-1.8	0.0	-0.8	—	0.0	31.9	-31.9	0.0	-3.8	-80.4	80.6	-0.2
Interest Expense	27.6	24.4	-15.8	63.3	0.0	37.5	37.4	-11.6	14.7	0.3	23.8	24.5
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	42.8	38.4	-3.5	76.7	1.3	74.2	18.0	-14.6	217.9	-187.8	12.3	57.0
Increase/(Decrease) in Receivables	-325.5	-37.7	-75.7	103.4	-244.6	-30.1	-173.3	-81.6	-201.6	418.9	36.0	-203.3
Increase/(Decrease) in Inventory	-73.7	-65.0	120.1	23.5	-86.8	16.8	-18.2	17.7	-240.4	215.1	47.5	-35.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	26.0	41.1	-91.2	-12.0	329.2	73.9	13.0	97.7	210.1	-203.8	-19.1	19.6
Increase/(Decrease) in Prepaid Expenses	-0.7	-1.5	-1.2	-2.0	-3.2	0.7	-0.4	0.6	-9.4	13.7	3.0	-2.4
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-31.4	-24.4	17.9	-61.1	0.0	-35.3	-14.2	-11.6	-63.1	48.5	-26.7	-22.1
Corporate Income Tax Paid	0.0	0.0	3.4	-3.4	0.0	-1.0	-2.4	0.0	45.1	-46.5	-2.0	0.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-151.7	151.7
Other Operating Payments	—	—	—	—	0.0	0.0	0.0	-0.1	0.0	0.0	21.9	-24.3
Net Cash Flow from Operating Activities	-358.1	-53.4	-30.2	125.0	-4.1	99.2	-177.4	8.0	-41.5	258.2	-78.9	-58.8
Payments for Fixed Assets and Other Long-term Assets	-56.6	0.1	-13.4	-78.7	-401.8	-96.8	-170.9	-9.0	-15.5	-3.4	-0.4	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	—	0.0	—	227.5	-3.2	2.2	-2.1	-235.7	235.7	0.0	0.0
Loans and Purchases of Debt Instruments	-13.1	-29.1	-10.7	2.0	11.9	-4.1	-45.7	8.7	-21.0	35.0	-3.5	-35.0
Receipts from Loan Repayments and Sale of Debt Instruments	17.9	1.1	2.0	—	-15.2	-2.9	18.1	0.0	18.0	0.0	0.0	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	112.9	36.0	—	—	0.0	-48.4	114.5	0.0	383.9	-346.2	0.0	0.0
Dividends and Interest Income Received	1.8	0.0	1.4	—	0.0	-3.2	3.2	0.0	3.3	-1.1	0.4	0.7
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	-5.2	8.1	-20.6	-141.2	-177.7	-158.5	-78.5	-2.5	132.9	-80.0	-3.5	-34.3
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-87.1	87.1	0.0
Share Repurchases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	729.6	582.3	602.1	351.4	1,481.1	547.1	687.4	372.2	754.9	-294.3	460.2	724.6
Repayment of Borrowings	-525.9	-538.8	-539.7	-343.9	-1,287.5	-489.9	-436.3	-383.9	-823.5	217.9	-477.8	-643.1
Repayment of Finance Leases	-16.2	—	-8.1	—	0.0	0.0	0.0	0.0	0.0	0.0	6.4	-6.4
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	379.4	51.6	54.3	7.5	193.5	57.3	251.1	-11.6	-68.6	-163.5	75.9	75.1
Net Cash Flow During the Period	16.2	6.2	3.5	-8.7	11.8	-2.1	-4.9	-6.1	22.8	14.7	-6.5	-18.0
Cash and Cash Equivalents at Beginning of Period	17.0	10.8	7.3	16.0	17.0	17.0	17.0	17.0	4.0	26.3	26.3	26.3
FX Difference from Revaluation	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	33.2	17.0	10.8	7.3	15.8	4.0	6.1	11.0	17.0	16.5	1.8	8.3

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