POS

Listed Company · UPCOM

Price

15,500

Latest close

03 Apr 2026

P/E 7.0x

EPS (TTM) 2,217

ROE (TTM) 12.3%

P/B 0.8x

BVPS (Latest) 19,318

ROA (TTM) 4.7%

What Is Changing

POS no longer looks like a business simply rebounding from a weak base. Revenue posted +19.4% YoY, while net margin reached 4.11% with an additional ±0.0pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income reached a multi-period high at VND 103.5bn in 2025.
Revenue increased 19.4% YoY to VND 2,520.0bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	2,520.0	2,110.0	1,676.6	1,723.0	2,094.1
Growth	+19%	+26%	-3%	-18%	—
Net Income	103.5	86.6	52.6	30.2	25.7
Net Margin	4.11%	4.11%	3.14%	1.75%	1.22%

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	793.2	812.1	507.2	397.4	708.5	436.8	574.0	423.0	559.6	383.9	374.6	358.5
Growth	-2%	+60%	+28%	-44%	+62%	-24%	+36%	-24%	+46%	+2%	+4%	—
Net Income	42.9	23.3	19.1	18.2	18.3	15.0	22.6	30.8	11.1	20.0	14.9	6.6
Net Margin	5.41%	2.87%	3.77%	4.59%	2.58%	3.44%	3.93%	7.28%	1.98%	5.21%	3.97%	1.85%

Financial Statements

Profitability

Net margin reached 4.11% while Revenue posted +19.4% YoY.

Balance Sheet

Inventory stood at 89.8bn, liabilities at 1,262.8bn, and equity at 888.6bn.

Cash Flow

Operating cash flow was -6.3bn in 2025, while investing cash flow was 89.9bn.

Financing cash flow: -0.2bn.

Item	2025	2024	2023	2022	2021
Revenue	2,520.0	2,110.0	1,676.6	1,723.0	2,094.1
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	2,520.0	2,110.0	1,676.6	1,723.0	2,094.1
Cost of Goods Sold	2,417.4	2,011.7	1,633.8	1,704.1	0.0
Gross Profit	102.6	98.2	42.8	19.0	112.2
Financial Income	56.0	49.9	53.7	42.1	18.6
Financial Expenses	7.1	8.2	5.9	6.0	-2.4
Interest Expense	—	0.0	0.0	0.0	-1.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	3.5	1.3	1.1	0.8	-16.0
General and Administrative Expenses	21.7	37.2	33.9	16.1	-79.8
Operating Profit	126.3	101.6	55.6	38.1	32.5
Other Income	16.6	8.5	24.3	1.0	0.0
Other Expenses	13.1	1.4	11.1	1.0	0.0
Other Profit	3.6	7.1	13.3	0.0	2.1
Profit Before Tax	129.8	108.7	68.9	38.2	34.6
Current Income Tax Expense	15.6	47.2	19.5	5.5	-8.9
Deferred Income Tax Expense	10.7	-25.2	-3.1	2.5	0.0
Net Income	103.5	86.6	52.6	30.2	25.7
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	103.5	86.6	52.6	30.2	25.7
Earnings per Share	1,916.00	1,670.00	1,097.00	448.00	533.00
Diluted EPS	2,249.69	1,670.00	1,097.00	448.00	641.26

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,907.6	1,977.3	1,392.5	1,332.0	1,446.0
I. Cash and cash equivalents	599.6	517.4	272.0	227.7	194.6
1. Cash	312.6	377.4	232.0	204.7	0.0
2. Cash equivalents	287.0	140.0	40.0	23.0	0.0
II. Short-term financial investments	573.8	719.0	599.7	362.5	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	573.8	719.0	599.7	362.5	0.0
III. Short-term receivables	608.4	695.1	466.9	677.5	879.1
1. Short-term trade accounts receivable	445.1	580.0	361.2	320.4	0.0
2. Short-term prepayments to suppliers	14.0	18.2	7.9	8.8	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	30.4	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	127.7	123.5	115.9	365.0	0.0
7. Provision for short-term doubtful debts (*)	-8.9	-26.6	-18.1	-16.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	89.8	44.5	40.5	58.5	106.9
1. Inventories	95.5	50.5	45.2	58.5	0.0
2. Provision for decline in value of inventories	-5.7	-6.0	-4.7	0.0	0.0
V. Other short-term assets	36.0	1.3	13.4	5.8	7.9
1. Short-term prepayments	2.5	1.3	1.5	1.2	0.0
2. Value added tax to be reclaimed	33.0	0.0	11.4	4.1	0.0
3. Taxes and other receivables from state authorities	0.5	0.0	0.5	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)	243.9	221.4	172.6	112.2	107.5
I. Long-term receivables	0.0	2.0	0.0	2.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.1
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	2.0	0.0	2.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	147.2	152.8	131.3	87.7	61.2
1. Tangible fixed assets	143.6	151.8	130.3	87.0	59.3
- Cost	1,108.9	1,067.1	1,001.5	929.5	0.0
- Accumulated depreciation	-965.3	-915.3	-871.2	-842.6	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	3.6	1.0	1.0	0.8	1.8
- Cost	23.5	20.1	19.7	18.6	0.0
- Accumulated depreciation	-20.0	-19.1	-18.7	-17.9	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	55.6	1.8	13.9	1.8	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	55.6	1.8	13.9	1.8	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	41.0	64.8	27.3	20.6	0.0
1. Long-term prepayments	14.7	27.8	15.5	13.8	0.0
2. Deferred income tax assets	26.3	37.0	11.8	6.8	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	46.3
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)	2,151.4	2,198.7	1,565.0	1,444.1	1,553.5
A. LIABILITIES (300=210+330)	1,262.8	1,400.6	796.2	690.5	791.1
I. Short -term liabilities	1,157.7	1,214.6	750.5	671.9	764.3
1. Short-term trade accounts payable	555.7	554.7	324.3	433.6	507.1
2. Short-term advances from customers	60.7	28.1	31.1	73.2	85.4
3. Taxes and other payables to state authorities	20.4	41.9	14.1	5.4	0.0
4. Payable to employees	102.1	72.6	53.3	23.0	0.0
5. Short-term acrrued expenses	257.6	282.7	274.7	86.8	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	127.5	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	2.1	155.5	2.1	2.1	19.7
9. Other short-term payables	6.2	64.5	37.4	28.5	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	19.8	7.0	7.7	13.6	0.0
12.. Bonus and welfare fund	5.7	7.7	5.9	5.7	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	105.1	186.0	45.7	18.5	26.8
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	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	104.6	185.7	45.4	18.2	0.0
13. Fund for technology development	0.5	0.3	0.3	0.3	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	888.6	798.2	768.8	753.7	762.4
I. Owner's equity	888.6	798.2	768.8	753.7	0.0
1. Owner's capital	460.0	400.0	400.0	400.0	762.4
- Common stock with voting right	460.0	400.0	400.0	400.0	400.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	—	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	248.7	308.7	308.7	308.7	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	179.9	89.4	60.0	44.9	53.7
- Accumulated retained earning at the end of the previous period	76.4	2.8	7.5	14.8	28.0
- Undistributed earnings in this period	103.5	86.6	52.6	30.2	25.7
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)	2,151.4	2,198.7	1,565.0	1,444.1	1,553.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	129.8	108.7	68.9	38.2	34.6
Depreciation of Fixed Assets and Investment Property	50.8	47.4	30.8	19.6	20.1
Provision (Increase)/Reversal	-86.3	149.4	27.4	-3.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	4.1	0.5	0.8	1.8	0.0
Gain/Loss from Investment Activities	-33.3	-31.4	-36.4	-16.1	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	65.2	274.6	91.5	39.9	8.6
Increase/(Decrease) in Receivables	71.7	-221.8	180.2	199.8	0.0
Increase/(Decrease) in Inventory	-45.0	-5.3	36.8	48.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-51.1	440.6	72.7	-119.7	0.0
Increase/(Decrease) in Prepaid Expenses	11.9	16.0	-2.0	23.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-43.3	-20.6	-16.8	0.0	0.0
Other Operating Receipts	—	0.0	-12.9	0.0	0.0
Other Operating Payments	-15.7	-16.3	0.0	-15.1	0.0
Net Cash Flow from Operating Activities	-6.3	467.2	349.5	176.8	-24.6
Payments for Fixed Assets and Other Long-term Assets	-95.9	-90.3	-76.7	-26.0	-6.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.2	0.3	0.1	1.7
Loans and Purchases of Debt Instruments	-780.3	-595.8	-744.7	-183.2	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	925.5	476.5	507.5	78.2	86.2
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	40.7	25.6	36.0	15.1	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	89.9	-183.8	-277.6	-115.8	111.9
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	0.0	0.0	0.7
Repayment of Borrowings	—	0.0	0.0	0.0	-0.7
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-0.2	-39.8	-27.9	-28.1	-59.6
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	-0.2	-39.8	-27.9	-28.1	-59.6
Net Cash Flow During the Period	83.4	243.6	44.0	32.8	78.3
Cash and Cash Equivalents at Beginning of Period	517.4	272.0	227.7	194.6	166.9
FX Difference from Revaluation	-1.2	1.8	0.3	0.3	-0.1
Cash and Cash Equivalents at End of Period	599.6	517.4	272.0	227.7	194.6

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	793.2	812.1	507.2	397.4	708.5	436.8	574.0	423.0	559.6	383.9	374.6	358.5
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	793.2	812.1	507.2	397.4	708.5	436.8	574.0	423.0	559.6	383.9	374.6	358.5
Cost of Goods Sold	752.7	788.7	489.9	375.8	673.8	410.1	554.4	394.3	546.1	372.0	365.4	350.2
Gross Profit	40.5	23.3	17.2	21.5	34.7	26.8	19.6	28.6	13.4	11.9	9.2	8.3
Financial Income	15.7	16.2	13.3	10.7	16.3	6.0	11.7	15.9	14.2	17.2	13.7	8.6
Financial Expenses	5.2	0.7	-0.2	1.3	-0.6	7.2	0.9	0.7	4.1	0.4	-1.1	2.4
Interest Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.9	0.0	0.8	1.8	0.4	0.5	0.3	0.0	-0.2	0.5	0.5	0.4
General and Administrative Expenses	-3.0	9.1	9.1	6.5	27.6	7.0	9.0	5.0	17.2	6.0	4.9	5.7
Operating Profit	53.1	29.7	20.8	22.6	23.7	18.1	21.1	38.7	6.5	22.2	18.6	8.3
Other Income	13.3	0.1	3.1	0.2	0.3	0.9	7.1	0.2	11.6	12.7	0.0	0.0
Other Expenses	12.5	0.8	0.0	0.0	0.9	0.2	0.0	0.2	1.1	10.0	0.0	0.0
Other Profit	0.8	-0.6	3.1	0.2	-0.7	0.7	7.1	-0.1	10.5	2.8	0.0	0.0
Profit Before Tax	53.9	29.1	23.9	22.8	23.0	18.8	28.2	38.7	17.0	25.0	18.6	8.3
Current Income Tax Expense	1.5	5.8	3.5	4.6	40.7	7.3	4.2	7.9	8.5	5.4	3.5	2.1
Deferred Income Tax Expense	9.4	—	1.3	—	-36.0	-3.5	1.4	0.0	-2.6	-0.4	0.3	-0.4
Net Income	42.9	23.3	19.1	18.2	18.3	15.0	22.6	30.8	11.1	20.0	14.9	6.6
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	42.9	23.3	19.1	18.2	18.3	15.0	22.6	30.8	11.1	20.0	14.9	6.6
Earnings per Share	880.00	486.00	396.00	455.00	333.00	251.00	440.00	770.00	277.00	446.00	317.00	166.00
Diluted EPS	880.00	486.00	396.00	455.00	1,670.00	251.00	440.00	770.00	277.00	446.00	317.00	166.00

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)	1,904.2	1,822.1	1,639.1	1,542.2	1,991.4	1,552.1	1,630.2	1,417.8	1,387.6	1,332.4	1,349.6	1,343.1
I. Cash and cash equivalents	599.6	729.2	517.0	557.0	517.4	434.9	565.0	249.3	272.0	186.6	250.5	314.2
1. Cash	312.6	659.2	292.0	317.0	377.4	279.9	318.0	211.3	232.0	186.6	240.5	246.2
2. Cash equivalents	287.0	70.0	225.0	240.0	140.0	155.0	247.0	38.0	40.0	0.0	10.0	68.0
II. Short-term financial investments	573.8	402.2	427.2	549.6	719.0	647.7	426.7	724.7	599.7	532.6	616.5	481.0
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	573.8	402.2	427.2	549.6	719.0	647.7	426.7	724.7	599.7	532.6	616.5	481.0
III. Short-term receivables	598.2	622.4	646.5	394.3	709.2	426.2	569.2	394.6	462.0	562.2	422.2	504.3
1. Short-term trade accounts receivable	445.1	541.5	437.5	285.4	605.6	349.1	429.8	317.3	361.2	438.1	303.9	281.1
2. Short-term prepayments to suppliers	14.0	46.9	65.6	59.1	18.2	11.8	16.4	12.7	3.0	8.0	6.0	11.0
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	147.9	64.4	169.7	76.9	123.5	84.7	142.0	83.2	115.9	131.8	129.2	230.3
7. Provision for short-term doubtful debts (*)	-8.9	-30.4	-26.4	-27.2	-38.1	0.0	0.0	0.0	-18.1	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	0.0	-19.5	-19.0	-18.6	0.0	-15.7	-16.9	-18.2
IV. Inventories	96.7	43.1	32.2	34.3	44.5	34.6	51.1	33.5	40.5	34.7	47.7	32.9
1. Inventories	102.4	49.1	38.2	40.3	50.5	39.3	55.8	38.2	45.2	34.7	47.7	32.9
2. Provision for decline in value of inventories	-5.7	-6.0	-6.0	-6.0	-6.0	-4.7	-4.7	-4.7	-4.7	0.0	0.0	0.0
V. Other short-term assets	36.0	25.2	16.2	7.1	1.3	8.8	18.2	15.7	13.4	16.3	12.6	10.6
1. Short-term prepayments	2.5	4.8	5.8	3.1	1.3	2.5	3.2	3.2	1.5	2.5	2.9	2.6
2. Value added tax to be reclaimed	33.0	19.9	9.9	3.5	0.0	5.8	14.5	12.1	11.4	13.3	9.3	7.6
3. Taxes and other receivables from state authorities	0.5	0.5	0.5	0.5	0.0	0.5	0.5	0.5	0.5	0.5	0.5	0.5
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)	243.9	228.0	202.9	204.3	234.4	202.9	197.7	168.2	172.6	128.3	118.9	110.3
I. Long-term receivables	0.0	0.0	0.0	2.0	2.0	2.0	2.0	0.0	0.0	0.0	0.0	2.0
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	2.0	0.0	2.0	2.0	0.0	0.0	0.0	0.0	2.0
6. Other long-term receivables	0.0	0.0	—	—	2.0	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	147.2	141.8	143.5	140.0	152.8	124.5	125.9	122.3	131.3	85.0	89.8	86.5
1. Tangible fixed assets	143.6	139.6	141.0	139.1	151.8	123.3	124.6	121.3	130.3	83.8	89.4	85.9
- Cost	—	—	—	—	1,067.1	1,026.9	1,016.9	1,002.9	1,001.5	947.6	945.8	935.1
- Accumulated depreciation	—	—	—	—	-915.3	-903.6	-892.3	-881.5	-871.2	-863.7	-856.4	-849.2
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	3.6	2.2	2.4	0.9	1.0	1.2	1.3	0.9	1.0	1.2	0.4	0.6
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	55.6	34.0	4.3	1.8	1.8	50.8	46.5	20.1	13.9	19.1	2.4	1.8
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	55.6	34.0	4.3	1.8	1.8	50.8	46.5	20.1	13.9	19.1	2.4	1.8
V. Long-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	41.0	52.2	55.1	60.5	77.7	25.6	23.3	25.9	27.3	24.2	26.7	19.9
1. Long-term prepayments	14.7	16.5	19.4	23.5	27.8	11.7	12.9	14.1	15.5	16.8	19.8	12.7
2. Deferred income tax assets	26.3	35.7	35.7	37.0	49.9	13.9	10.4	11.8	11.8	7.3	6.9	7.2
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)	2,148.1	2,050.1	1,842.0	1,746.5	2,225.7	1,755.0	1,827.9	1,586.0	1,560.1	1,460.7	1,468.5	1,453.4
A. LIABILITIES (300=210+330)	1,259.5	1,204.4	1,019.5	930.2	1,427.6	935.1	1,023.0	786.4	791.3	677.8	705.6	693.1
I. Short -term liabilities	1,154.4	1,091.6	902.5	820.3	1,190.8	864.3	973.7	740.0	745.6	661.5	689.8	672.6
1. Short-term trade accounts payable	555.7	459.8	298.7	354.0	554.7	0.0	0.0	0.0	324.3	0.0	0.0	0.0
2. Short-term advances from customers	60.7	20.2	20.2	22.9	28.1	244.0	405.3	300.8	31.1	327.0	412.5	349.9
3. Taxes and other payables to state authorities	20.4	13.0	9.4	12.6	0.0	34.9	36.4	51.8	14.1	72.9	72.9	117.0
4. Payable to employees	101.4	47.1	36.6	26.0	54.8	13.1	15.5	12.3	53.3	12.1	6.7	5.4
5. Short-term acrrued expenses	255.0	511.6	455.0	300.0	76.1	32.5	27.1	8.4	269.8	49.9	0.0	0.0
6. Short-term inter-company payables	—	—	—	—	249.3	471.7	429.7	326.1	0.0	138.7	138.8	154.3
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	129.6	3.6	5.8	8.9	155.5	0.0	0.0	0.0	2.1	0.0	0.0	0.0
9. Other short-term payables	6.2	12.5	5.0	7.2	64.5	8.9	2.1	2.1	37.4	2.1	2.1	2.1
10. Short-term borrowings and financial leases	—	—	—	—	0.0	48.9	43.6	30.9	0.0	32.9	29.3	29.5
11. Provision for short-term liabilities	19.8	15.9	60.9	88.0	0.0	0.0	0.6	7.7	7.7	18.5	17.1	13.6
12.. Bonus and welfare fund	5.7	8.0	10.9	0.6	7.7	10.3	13.5	0.0	5.9	7.3	10.4	0.9
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	105.1	112.7	116.9	109.9	236.8	70.8	49.3	46.5	45.7	16.3	15.8	20.5
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	—	—	—	—	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	70.6	49.1	46.3	0.0	16.1	15.6	20.3
11. Deferred income tax liabilities	—	—	—	—	0.0	0.2	0.2	0.2	0.0	0.2	0.2	0.2
12. Provision for long-term liabilities	104.6	112.5	116.5	109.7	236.5	0.0	0.0	0.0	45.4	0.0	0.0	0.0
13. Fund for technology development	0.5	0.2	0.4	0.2	0.3	0.0	0.0	0.0	0.3	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)	888.6	845.7	822.5	816.4	798.2	819.9	804.9	799.6	768.8	782.9	762.9	760.3
I. Owner's equity	888.6	845.7	822.5	816.4	798.2	819.9	804.9	799.6	768.8	782.9	762.9	760.3
1. Owner's capital	460.0	400.0	400.0	400.0	400.0	400.0	400.0	400.0	400.0	400.0	400.0	400.0
- Common stock with voting right	460.0	400.0	400.0	400.0	400.0	400.0	400.0	400.0	400.0	400.0	400.0	400.0
- Preferred stock	—	—	—	—	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
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	248.7	308.7	308.7	308.7	308.7	308.7	308.7	308.7	308.7	308.7	308.7	308.7
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	179.9	137.0	113.7	107.6	89.4	111.1	96.1	90.8	60.0	74.1	54.2	51.5
- Accumulated retained earning at the end of the previous period	76.4	76.4	76.4	89.4	2.8	42.8	42.8	60.0	7.5	32.7	32.7	44.9
- Undistributed earnings in this period	103.5	60.6	37.3	18.2	86.6	68.4	53.3	30.8	52.6	41.5	21.5	6.6
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,148.1	2,050.1	1,842.0	1,746.5	2,225.7	1,755.0	1,827.9	1,586.0	1,560.1	1,460.7	1,468.5	1,453.4

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
Profit Before Tax	54.1	29.1	23.9	22.8	23.0	18.8	28.2	38.7	17.0	25.0	18.6	8.3
Depreciation of Fixed Assets and Investment Property	12.9	12.5	12.4	13.1	14.7	11.4	10.9	10.4	9.0	7.5	7.4	6.8
Provision (Increase)/Reversal	-25.8	-44.9	-21.1	5.5	185.9	9.2	8.3	1.3	25.6	0.8	-2.5	3.6
FX Gain/Loss from Revaluation of Monetary Items	7.4	-1.6	-2.1	0.5	-1.1	3.5	-0.7	-1.1	2.5	-1.6	-1.6	1.6
Gain/Loss from Investment Activities	-9.3	-6.4	-8.4	-9.2	-9.3	-6.8	-7.2	-8.1	-8.2	-10.7	-10.9	-6.7
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	39.1	-11.3	4.7	32.7	213.2	36.1	39.4	41.2	45.8	21.0	11.0	13.6
Increase/(Decrease) in Receivables	28.7	8.8	-254.3	288.4	-284.5	151.2	-187.1	76.2	66.1	-137.8	81.4	170.5
Increase/(Decrease) in Inventory	-46.4	-10.9	2.1	10.2	-11.2	16.5	-17.6	7.0	13.0	13.0	-14.8	25.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	47.6	238.1	82.0	-418.8	268.6	-70.5	214.2	-4.7	93.6	-46.3	12.3	13.0
Increase/(Decrease) in Prepaid Expenses	4.1	3.9	1.4	2.5	13.3	1.9	1.1	-0.3	2.4	3.3	-7.3	-0.3
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	20.6	-20.6	0.0	0.0	3.3	-3.3	3.3	-3.3
Corporate Income Tax Paid	-0.2	-4.2	0.0	-38.9	-20.6	8.6	0.0	-8.6	-16.8	3.3	-3.3	0.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	-12.9	0.0	5.1	-5.1
Other Operating Payments	-2.3	-3.3	-2.8	-7.4	-2.8	-3.4	-4.0	-6.1	11.2	-3.2	-8.0	0.0
Net Cash Flow from Operating Activities	70.5	221.1	-166.7	-131.3	196.6	119.9	46.1	104.7	205.7	-150.0	79.7	214.1
Payments for Fixed Assets and Other Long-term Assets	-28.5	-45.0	-6.2	-16.2	-7.6	-30.9	-44.3	-7.6	-34.8	-7.4	-23.3	-11.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.2	0.0	0.0	0.0	0.3	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-175.6	-260.0	-3.7	-341.0	-101.4	-285.0	-30.0	-179.4	-270.1	-86.1	-218.5	-170.0
Receipts from Loan Repayments and Sale of Debt Instruments	4.0	285.0	126.1	510.4	30.1	64.0	328.0	54.4	203.1	170.0	83.0	51.4
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	5.9	10.0	7.7	17.0	2.2	3.8	15.6	4.0	11.5	7.2	13.2	4.1
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	-194.2	-10.0	123.9	170.2	-76.4	-248.1	269.4	-128.6	-90.1	83.7	-145.6	-125.6
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	0.0	-0.1	-0.1	-39.7	-0.0	-0.0	-0.0	-27.9	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	0.0	0.0	-0.1	-0.1	-39.7	-0.0	-0.0	-0.0	-27.9	0.0	-0.0	-0.0
Net Cash Flow During the Period	-123.6	211.1	-43.0	38.8	80.5	-128.3	315.4	-24.0	87.8	-66.3	-65.9	88.5
Cash and Cash Equivalents at Beginning of Period	729.2	517.0	557.0	517.4	272.0	272.0	272.0	272.0	227.7	227.7	227.7	227.7
FX Difference from Revaluation	-1.2	4.8	3.7	0.7	2.1	-1.9	0.3	1.3	-2.4	2.5	2.2	-2.0
Cash and Cash Equivalents at End of Period	599.6	729.2	517.0	557.0	517.4	434.9	565.0	249.3	272.0	186.6	250.5	314.2

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