POV

Listed Company · UPCOM

Price

8,200

Latest close

03 Apr 2026

P/E 9.6x

EPS (TTM) 853

ROE (TTM) 5.8%

P/B 0.5x

BVPS (Latest) 14,978

ROA (TTM) 2.4%

What Is Changing

POV has not yet shown a broad-based top-line recovery. Revenue posted -1.5% YoY, but net margin reached 0.24% with an additional +0.0pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Quarterly Net Income decreased 39.4% YoY to VND 2.5bn in 2025Q4.

Metric	2025	2024	2023	2022	2021
Revenue	4,410.4	4,478.1	3,893.8	3,443.3	1,726.9
Growth	-2%	+15%	+13%	+99%	—
Net Income	10.4	10.0	14.1	20.3	24.2
Net Margin	0.24%	0.22%	0.36%	0.59%	1.40%

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	1,206.2	1,095.4	1,092.9	1,016.0	1,002.8	2,178.8	1,296.5	1,067.0	1,143.3	1,061.7	884.6	804.2
Growth	+10%	+0%	+8%	+1%	-54%	+68%	+22%	-7%	+8%	+20%	+10%	—
Net Income	2.5	4.0	4.7	-0.5	4.2	3.4	2.4	3.3	-0.1	7.0	2.9	4.8
Net Margin	0.21%	0.36%	0.43%	-0.05%	0.42%	0.16%	0.19%	0.31%	-0.01%	0.66%	0.32%	0.60%

Financial Statements

Profitability

Net margin reached 0.24% while Revenue posted -1.5% YoY.

Balance Sheet

Inventory stood at 39.1bn, liabilities at 246.1bn, and equity at 186.9bn.

Cash Flow

Operating cash flow was 10.3bn in 2025, while investing cash flow was -4.6bn.

Financing cash flow: -5.7bn.

Item	2025	2024	2023	2022	2021
Revenue	4,410.4	4,478.1	3,894.0	3,443.4	1,734.5
Revenue Deductions	—	0.0	0.1	0.1	0.0
Net Revenue	4,410.4	4,478.1	3,893.8	3,443.3	1,726.9
Cost of Goods Sold	4,256.1	4,343.9	3,788.5	3,341.5	0.0
Gross Profit	154.3	134.2	105.3	101.8	82.7
Financial Income	1.4	1.6	2.2	3.1	1.2
Financial Expenses	0.4	0.8	1.6	1.2	-1.8
Interest Expense	0.4	0.8	1.6	1.2	-1.8
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	127.1	109.3	81.4	71.7	-50.5
General and Administrative Expenses	14.6	12.3	12.0	11.6	-4.6
Operating Profit	13.6	13.5	12.5	20.4	26.9
Other Income	1.5	0.5	5.0	0.8	0.0
Other Expenses	1.5	0.7	0.4	0.4	0.0
Other Profit	0.0	-0.2	4.6	0.5	0.0
Profit Before Tax	13.6	13.3	17.1	20.8	26.9
Current Income Tax Expense	3.3	2.7	2.4	1.6	-2.7
Deferred Income Tax Expense	—	0.5	0.5	-1.1	0.0
Net Income	10.4	10.0	14.1	20.3	24.2
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	10.4	10.0	14.1	20.3	24.2
Earnings per Share	830.00	804.00	1,132.00	1,627.00	2,440.00
Diluted EPS	829.86	803.62	1,131.86	1,626.66	1,937.42

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	215.7	240.1	155.3	140.5	158.2
I. Cash and cash equivalents	0.3	0.4	0.3	0.9	0.1
1. Cash	0.3	0.4	0.3	0.9	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	2.2	6.3	5.9	5.7	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	2.2	6.3	5.9	5.7	0.0
III. Short-term receivables	173.6	115.8	106.7	93.1	100.2
1. Short-term trade accounts receivable	150.2	97.2	94.5	85.3	0.0
2. Short-term prepayments to suppliers	10.2	5.0	0.7	0.7	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	13.2	13.7	11.7	7.1	0.0
7. Provision for short-term doubtful debts (*)	—	-0.2	-0.1	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	39.1	114.6	42.3	37.8	51.2
1. Inventories	39.9	114.6	42.5	37.8	0.0
2. Provision for decline in value of inventories	-0.9	0.0	-0.2	0.0	0.0
V. Other short-term assets	0.6	3.1	0.1	3.0	1.0
1. Short-term prepayments	0.1	0.1	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.3	2.9	0.0	2.4	0.0
3. Taxes and other receivables from state authorities	0.1	0.2	0.1	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)	217.3	218.2	215.8	211.9	184.1
I. Long-term receivables	0.0	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	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	128.5	140.3	152.0	163.2	164.0
1. Tangible fixed assets	116.9	128.7	140.4	151.3	153.0
- Cost	356.3	351.6	350.0	347.0	0.0
- Accumulated depreciation	-239.4	-222.9	-209.6	-195.7	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	11.6	11.6	11.6	11.9	11.0
- Cost	12.8	12.4	12.4	12.4	0.0
- Accumulated depreciation	-1.2	-0.8	-0.8	-0.5	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	2.0	1.1	1.1	1.0	1.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	2.0	1.1	1.1	1.0	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	86.8	76.7	62.6	47.7	0.0
1. Long-term prepayments	86.8	76.7	62.1	46.6	0.0
2. Deferred income tax assets	—	0.0	0.5	1.1	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	19.1
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)	433.0	458.3	371.1	352.4	342.3
A. LIABILITIES (300=210+330)	246.1	274.9	189.7	172.8	160.0
I. Short -term liabilities	245.3	272.9	182.4	161.7	148.4
1. Short-term trade accounts payable	167.3	207.9	107.9	120.5	85.3
2. Short-term advances from customers	5.7	2.2	1.8	1.8	0.6
3. Taxes and other payables to state authorities	40.6	29.9	32.7	8.9	0.0
4. Payable to employees	13.0	13.2	11.8	7.9	0.0
5. Short-term acrrued expenses	0.8	1.3	1.4	0.8	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	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	15.1	13.5	10.8	10.4	0.0
10. Short-term borrowings and financial leases	1.2	2.3	12.8	4.3	5.6
11. Provision for short-term liabilities	—	0.0	0.0	4.7	0.0
12.. Bonus and welfare fund	1.6	2.7	3.3	2.5	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	0.8	2.0	7.3	11.2	11.6
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	3.0	3.0	0.0
8. Long-term borrowings and financial leases	0.8	2.0	4.3	8.2	8.6
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)	186.9	183.4	181.4	179.5	182.4
I. Owner's equity	186.9	183.4	181.4	179.5	0.0
1. Owner's capital	125.0	125.0	125.0	125.0	182.4
- Common stock with voting right	125.0	125.0	125.0	125.0	125.0
- 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	38.0	37.1	35.7	33.6	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	23.9	21.3	20.7	20.9	27.4
- Accumulated retained earning at the end of the previous period	13.5	11.3	6.5	0.6	3.6
- Undistributed earnings in this period	10.4	10.0	14.1	20.3	23.8
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)	433.0	458.3	371.1	352.4	342.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	13.6	13.3	17.1	20.8	21.4
Depreciation of Fixed Assets and Investment Property	17.3	19.1	15.9	15.0	10.5
Provision (Increase)/Reversal	0.7	-0.2	0.3	-0.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.1	0.5	-2.2	-3.7	0.0
Interest Expense	0.4	0.8	1.6	1.2	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	31.9	33.5	32.7	33.0	28.3
Increase/(Decrease) in Receivables	-43.2	-12.1	-10.9	4.5	0.0
Increase/(Decrease) in Inventory	66.4	-72.1	-4.8	13.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-26.3	99.3	22.8	10.8	0.0
Increase/(Decrease) in Prepaid Expenses	-10.4	-14.7	-15.5	-26.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.4	-0.8	-1.6	-1.2	0.0
Corporate Income Tax Paid	-3.6	-2.4	-0.8	-3.3	0.0
Other Operating Receipts	—	0.3	0.0	0.0	0.0
Other Operating Payments	-4.2	-5.1	-5.2	2.4	0.0
Net Cash Flow from Operating Activities	10.3	25.8	16.7	33.1	7.4
Payments for Fixed Assets and Other Long-term Assets	-8.8	-9.7	-4.8	-14.2	-0.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.3	0.0	0.5	0.0
Loans and Purchases of Debt Instruments	—	-0.4	-0.1	-0.2	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	4.0	0.0	0.0	0.0	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	0.2	0.5	0.2	0.3	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	-4.6	-9.3	-4.7	-13.6	-0.9
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	56.5	247.9	458.7	242.8	69.0
Repayment of Borrowings	-58.7	-260.7	-454.2	-244.4	-75.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-3.5	-3.6	-17.2	-17.2	0.1
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	-5.7	-16.4	-12.6	-18.8	-6.3
Net Cash Flow During the Period	-0.1	0.1	-0.6	0.8	-0.1
Cash and Cash Equivalents at Beginning of Period	0.4	0.3	0.9	0.1	0.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.3	0.4	0.3	0.9	0.1

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	1,206.2	1,095.4	1,092.9	1,016.0	1,002.8	2,178.8	1,296.5	1,067.0	1,143.3	1,061.7	884.6	804.2
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	1,206.2	1,095.4	1,092.9	1,016.0	1,002.8	2,178.8	1,296.5	1,067.0	1,143.3	1,061.7	884.6	804.2
Cost of Goods Sold	1,157.1	1,058.9	1,056.8	983.3	967.3	2,115.6	1,260.9	1,035.1	1,116.6	1,029.5	857.0	785.4
Gross Profit	49.1	36.5	36.1	32.7	35.5	63.2	35.6	31.9	26.7	32.2	27.6	18.7
Financial Income	0.4	0.3	0.4	0.2	0.2	0.6	0.9	0.3	0.5	0.6	0.6	0.5
Financial Expenses	0.0	0.1	0.2	0.1	0.1	0.5	0.2	0.4	0.5	0.3	0.4	0.3
Interest Expense	0.0	0.1	0.2	0.1	0.1	0.5	0.2	0.4	0.5	0.3	0.4	0.3
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	39.5	29.9	28.2	29.4	24.3	54.2	30.9	24.8	19.3	23.7	22.4	16.1
General and Administrative Expenses	7.0	2.5	2.2	2.9	4.8	5.3	2.2	2.9	6.2	1.8	2.1	1.7
Operating Profit	3.0	4.4	5.9	0.5	6.4	3.8	3.2	4.1	1.1	7.0	3.3	1.0
Other Income	0.5	0.7	0.1	—	0.0	0.5	0.0	0.0	0.1	0.0	0.0	4.9
Other Expenses	0.3	0.1	0.2	0.9	0.4	0.1	0.1	0.0	0.3	0.0	0.1	0.0
Other Profit	0.2	0.6	-0.1	-0.9	-0.4	0.4	-0.1	-0.0	-0.2	-0.0	-0.1	4.9
Profit Before Tax	3.3	5.0	5.9	-0.4	6.0	4.2	3.1	4.1	1.0	7.0	3.2	5.9
Current Income Tax Expense	0.7	1.0	1.2	0.1	1.3	0.8	0.7	0.8	0.5	0.0	0.3	1.1
Deferred Income Tax Expense	—	—	—	—	0.5	0.0	0.0	0.0	0.5	0.0	0.0	0.0
Net Income	2.5	4.0	4.7	-0.5	4.2	3.4	2.4	3.3	-0.1	7.0	2.9	4.8
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	2.5	4.0	4.7	-0.5	4.2	3.4	2.4	3.3	-0.1	7.0	2.9	4.8
Earnings per Share	204.00	317.00	373.00	-41.00	336.00	272.00	196.00	263.00	-8.00	560.00	229.00	384.00
Diluted EPS	203.86	317.41	373.38	-40.61	336.34	271.69	195.59	262.74	-7.75	559.54	229.37	384.04

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)	215.6	256.4	205.6	252.1	240.7	215.5	274.3	324.7	155.2	335.3	179.1	168.4
I. Cash and cash equivalents	0.3	1.9	0.2	0.3	0.4	0.5	1.9	0.8	0.3	1.4	1.7	0.1
1. Cash	0.3	1.9	0.2	0.3	0.4	0.5	1.9	0.8	0.3	1.4	1.7	0.1
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	2.2	2.2	2.2	2.2	6.3	6.3	6.3	5.9	5.9	5.9	5.9	5.9
1. Available for sale securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	2.2	2.2	2.2	2.2	6.3	6.3	6.3	5.9	5.9	5.9	5.9	5.9
III. Short-term receivables	173.4	182.8	162.7	159.7	116.3	144.5	150.9	174.3	106.6	195.8	104.8	134.6
1. Short-term trade accounts receivable	150.2	155.4	135.4	137.6	97.2	121.5	123.7	157.1	94.2	183.4	96.9	129.1
2. Short-term prepayments to suppliers	10.2	4.4	4.2	4.4	5.0	5.2	4.2	1.5	0.7	0.6	1.5	0.6
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	11.7	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	13.0	14.7	15.0	18.0	14.3	17.8	23.0	15.8	0.0	11.7	6.4	5.0
7. Provision for short-term doubtful debts (*)	—	—	-0.2	-0.2	-0.2	-0.1	-0.1	-0.1	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	8.3	8.3	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	39.0	69.3	40.3	89.0	114.6	63.5	110.7	140.6	42.3	128.8	66.1	27.4
1. Inventories	39.9	69.3	40.3	89.0	114.6	63.5	110.7	140.6	42.5	129.7	66.1	27.4
2. Provision for decline in value of inventories	-0.9	—	—	—	0.0	0.0	0.0	0.0	-0.2	-0.9	0.0	0.0
V. Other short-term assets	0.7	0.2	0.2	0.8	3.1	0.7	4.6	3.1	0.1	3.4	0.6	0.4
1. Short-term prepayments	0.1	0.1	0.0	0.1	0.1	0.1	0.1	0.0	0.0	0.1	0.1	0.0
2. Value added tax to be reclaimed	0.4	—	0.0	0.8	2.9	0.5	4.3	3.1	0.0	3.3	0.4	0.4
3. Taxes and other receivables from state authorities	0.1	0.1	0.2	—	0.2	0.2	0.2	0.0	0.1	0.0	0.0	0.0
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)	217.4	212.3	216.9	216.3	217.9	216.5	225.4	226.0	215.8	210.5	210.5	215.7
I. Long-term receivables	0.0	0.0	0.0	0.0	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	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	128.5	128.8	133.0	136.1	140.3	155.4	162.0	161.0	152.0	155.5	158.2	160.4
1. Tangible fixed assets	116.9	117.6	121.7	124.6	129.0	143.7	150.3	149.4	140.4	143.8	146.5	148.5
- Cost	—	—	—	—	351.6	366.2	368.4	363.2	350.0	349.4	348.1	346.3
- Accumulated depreciation	—	—	—	—	-222.6	-222.5	-218.1	-213.8	-209.6	-205.6	-201.7	-197.8
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	11.6	11.2	11.3	11.5	11.3	11.6	11.7	11.6	11.6	11.7	11.8	11.9
- 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	2.0	1.3	1.3	1.1	1.1	1.1	1.1	1.0	1.1	1.0	1.0	1.0
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	2.0	1.3	1.3	1.1	1.1	1.1	1.1	1.0	1.1	1.0	1.0	1.0
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	86.9	82.2	82.6	79.0	76.5	60.0	62.3	64.0	62.6	54.0	51.3	54.4
1. Long-term prepayments	86.9	82.2	82.6	79.0	76.5	59.5	61.8	63.5	62.1	53.0	50.2	53.3
2. Deferred income tax assets	—	—	—	—	0.0	0.5	0.5	0.5	0.5	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	1.1	1.1	1.1
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)	433.1	468.7	422.5	468.3	458.6	431.9	499.7	550.7	371.0	545.8	389.6	384.1
A. LIABILITIES (300=210+330)	245.9	284.1	241.9	285.4	275.1	252.7	320.6	366.0	189.7	363.9	214.7	199.8
I. Short -term liabilities	245.0	283.0	240.5	284.2	273.1	247.3	314.9	359.5	182.5	355.7	205.6	188.7
1. Short-term trade accounts payable	167.3	184.9	159.6	214.8	207.6	179.4	240.6	301.4	107.9	289.4	137.0	117.1
2. Short-term advances from customers	5.7	3.7	3.0	1.7	2.2	0.8	1.8	1.1	1.8	1.3	2.1	2.5
3. Taxes and other payables to state authorities	40.4	32.1	33.1	30.4	29.9	23.1	29.3	26.8	32.7	24.0	20.8	27.8
4. Payable to employees	13.0	15.5	10.2	10.8	13.2	14.7	8.5	6.1	11.8	9.6	3.2	5.3
5. Short-term acrrued expenses	0.8	2.5	1.0	2.4	1.3	3.8	3.7	1.1	1.3	1.5	0.7	0.8
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	15.1	40.4	28.4	20.0	14.0	19.8	21.2	16.6	10.8	17.6	17.0	10.4
10. Short-term borrowings and financial leases	1.2	1.4	1.5	2.3	2.3	2.7	3.4	3.6	12.8	8.3	17.7	23.8
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	1.6	2.4	3.7	2.0	2.7	3.0	6.4	2.8	3.3	4.1	6.9	1.1
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	0.8	1.1	1.4	1.3	2.0	5.4	5.7	6.5	7.3	8.2	9.2	11.2
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	3.0	3.0	3.0	3.0	3.0	3.0	3.0
8. Long-term borrowings and financial leases	0.8	1.1	1.4	1.3	2.0	2.4	2.7	3.5	4.3	5.2	6.2	8.2
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)	187.2	184.7	180.7	182.9	183.5	179.2	179.1	184.7	181.3	181.9	174.9	184.3
I. Owner's equity	187.2	184.7	180.7	182.9	183.5	179.2	179.1	184.7	181.3	181.9	174.9	184.3
1. Owner's capital	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0
- Common stock with voting right	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0
- 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	38.0	38.0	38.0	37.1	37.1	37.1	37.1	35.7	35.7	35.7	35.7	33.6
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	24.2	21.7	17.7	20.8	21.4	17.1	17.0	24.0	20.5	21.2	14.2	25.7
- Accumulated retained earning at the end of the previous period	13.5	13.5	13.5	21.3	11.3	11.3	11.3	20.7	6.5	6.5	6.5	20.9
- Undistributed earnings in this period	10.7	8.1	4.2	-0.5	10.1	5.8	5.7	3.3	14.0	14.7	7.7	4.8
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)	433.1	468.7	422.5	468.3	458.6	431.9	499.7	550.7	371.0	545.8	389.6	384.1

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	3.2	5.0	5.9	-0.4	6.1	0.1	3.1	4.1	1.0	7.0	3.2	5.9
Depreciation of Fixed Assets and Investment Property	4.6	4.3	4.2	4.2	6.0	4.4	4.4	4.3	4.0	4.0	3.9	3.9
Provision (Increase)/Reversal	0.9	-0.2	0.0	0.1	0.0	0.0	0.0	-0.2	-0.6	5.6	-4.7	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	0.9	-0.9	0.2	-0.2	-0.2	-0.3	-0.9	-0.3	-0.5	-0.6	-0.6	-0.5
Interest Expense	0.0	0.1	0.2	0.1	0.1	0.1	0.2	0.4	0.5	0.3	0.4	0.3
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	9.6	8.2	10.4	3.7	12.0	4.3	6.8	8.3	4.5	16.4	2.2	9.6
Increase/(Decrease) in Receivables	-128.4	130.0	-80.2	35.4	-54.0	15.0	74.1	-122.7	62.3	-63.7	-51.3	42.0
Increase/(Decrease) in Inventory	-2,950.7	2,942.8	-870.8	945.2	1,010.9	3,436.1	-1,191.4	1,123.3	-2,739.8	2,763.4	-18.0	-10.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-70.5	81.2	-64.6	27.6	-48.1	-180.3	260.4	-123.8	119.9	-139.0	13.5	28.4
Increase/(Decrease) in Prepaid Expenses	-4.9	0.3	-3.5	-2.3	-17.0	2.3	1.6	-1.3	-9.1	-2.7	3.0	-6.7
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.0	-0.1	-0.2	-0.1	-0.1	-0.1	-0.2	-0.4	-0.5	-0.3	-0.4	-0.3
Corporate Income Tax Paid	-1.0	-1.3	0.0	-1.3	0.0	-0.7	-0.8	-1.0	0.0	-0.3	-0.5	0.0
Other Operating Receipts	—	—	—	—	321.6	546.4	-227.1	227.1	-299.0	299.0	7.5	-7.5
Other Operating Payments	3,701.0	-3,703.1	1,148.4	-1,150.5	-1,224.5	-3,843.3	1,098.0	-1,099.1	2,878.9	-2,882.5	73.0	-74.7
Net Cash Flow from Operating Activities	11.0	2.0	0.7	-3.4	0.8	-20.4	21.3	10.4	17.2	-9.9	29.0	-19.6
Payments for Fixed Assets and Other Long-term Assets	-8.7	—	-0.1	—	0.0	18.9	-18.7	0.0	-4.8	2.9	-2.2	-0.6
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
Loans and Purchases of Debt Instruments	—	—	—	—	0.0	0.4	-0.4	0.0	-0.1	0.1	-0.1	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	0.0	4.0	0.0	0.0	0.0	0.0	0.0	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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	-0.1	0.1	0.0	-0.0	-0.1	0.7	0.0	0.1	-0.1	0.1	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	-8.7	0.1	-0.0	4.1	-0.0	19.2	-18.4	0.0	-4.8	2.9	-2.2	-0.6
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	34.5	21.9	-4.1	64.6	100.4	87.1	193.5	77.1	113.5	74.6
Repayment of Borrowings	-0.4	-0.4	-35.2	-22.7	3.2	-65.6	-101.4	-97.0	-189.9	-87.6	-121.5	-55.2
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-3.4	—	-0.1	—	0.0	0.8	-0.8	0.0	-17.2	17.2	-17.2	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	-3.9	-0.4	-0.7	-0.7	-0.9	-0.2	-1.8	-9.9	-13.5	6.7	-25.2	19.4
Net Cash Flow During the Period	-1.6	1.7	-0.1	-0.1	-0.1	-1.4	1.1	0.5	-1.1	-0.3	1.6	-0.8
Cash and Cash Equivalents at Beginning of Period	1.9	0.2	0.3	0.4	0.3	0.3	0.3	0.3	0.9	0.9	0.9	0.9
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	0.3	1.9	0.2	0.3	0.4	0.5	1.9	0.8	0.3	1.4	1.7	0.1

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POV

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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