PPH

Listed Company · UPCOM

Price

27,000

Latest close

03 Apr 2026

P/E 4.9x

EPS (TTM) 5,493

ROE (TTM) 23.1%

P/B 1.0x

BVPS (Latest) 27,756

ROA (TTM) 12.6%

What Is Changing

PPH no longer looks like a business simply rebounding from a weak base. Revenue posted +9.8% YoY, while net margin reached 19.27% with an additional +2.2pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income recovered 24.2% to VND 472.6bn in 2025.
Net margin improved from 17.04% in the prior period to 19.27% in 2025.
Revenue increased 9.9% YoY to VND 2,452.6bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	2,452.6	2,232.7	1,749.4	1,743.4	1,652.1
Growth	+10%	+28%	+0%	+6%	—
Net Income	472.6	380.5	316.7	477.0	400.6
Net Margin	19.27%	17.04%	18.11%	27.36%	24.25%

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	620.3	627.9	611.4	594.1	560.7	630.1	551.2	490.7	523.3	444.9	376.4	404.8
Growth	-1%	+3%	+3%	+6%	-11%	+14%	+12%	-6%	+18%	+18%	-7%	—
Net Income	147.2	95.2	101.8	113.3	118.1	73.6	85.9	100.0	62.2	62.4	87.4	125.2
Net Margin	23.74%	15.16%	16.66%	19.08%	21.07%	11.68%	15.59%	20.38%	11.88%	14.03%	23.21%	30.94%

Financial Statements

Profitability

Net margin reached 19.27% while Revenue posted +9.8% YoY.

Balance Sheet

Inventory stood at 473.7bn, liabilities at 1,524.3bn, and equity at 2,112.0bn.

Cash Flow

Operating cash flow was 15.5bn in 2025, while investing cash flow was 312.7bn.

Financing cash flow: -349.0bn.

Item	2025	2024	2023	2022	2021
Revenue	2,456.9	2,238.1	1,754.5	1,745.5	1,657.4
Revenue Deductions	4.3	5.4	5.1	2.1	0.0
Net Revenue	2,452.6	2,232.7	1,749.4	1,743.4	1,652.1
Cost of Goods Sold	1,971.5	1,803.5	1,401.6	1,393.2	0.0
Gross Profit	481.2	429.1	347.7	350.2	288.6
Financial Income	47.0	48.5	43.3	76.2	36.0
Financial Expenses	78.4	103.5	87.7	100.6	-47.6
Interest Expense	58.0	54.7	59.4	42.2	-42.4
Share of Associates and Joint Ventures	364.3	352.0	320.3	406.5	366.0
Selling Expenses	112.8	88.4	77.1	64.7	-62.3
General and Administrative Expenses	229.8	258.2	221.8	188.3	-148.0
Operating Profit	471.6	379.6	324.7	479.2	432.7
Other Income	7.7	8.9	0.1	2.2	0.0
Other Expenses	3.6	4.5	5.1	1.8	0.0
Other Profit	4.2	4.4	-4.9	0.4	-30.8
Profit Before Tax	475.8	384.0	319.7	479.6	401.9
Current Income Tax Expense	3.1	3.5	3.0	2.7	-1.3
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	472.6	380.5	316.7	477.0	400.6
Non-controlling Interest	5.7	6.8	5.4	5.1	1.9
Profit Attributable to Parent	467.0	373.8	311.4	471.9	398.5
Earnings per Share	5,599.00	4,507.00	3,865.00	5,946.00	4,983.00
Diluted EPS	5,599.00	4,507.00	3,865.00	5,946.00	5,336.73

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,593.8	1,766.6	1,657.8	1,269.8	1,475.1
I. Cash and cash equivalents	102.5	123.3	74.1	72.4	66.2
1. Cash	60.0	72.7	67.8	33.8	0.0
2. Cash equivalents	42.5	50.6	6.3	38.6	0.0
II. Short-term financial investments	433.7	546.2	490.7	273.0	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	433.7	546.2	490.7	273.0	0.0
III. Short-term receivables	564.6	489.7	495.3	461.1	868.5
1. Short-term trade accounts receivable	471.1	437.7	374.6	316.2	0.0
2. Short-term prepayments to suppliers	19.4	21.6	8.2	3.3	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	110.7	54.8	137.0	166.7	0.0
7. Provision for short-term doubtful debts (*)	-36.6	-24.5	-25.1	-25.4	0.0
8. Assets awaiting resolution	0.0	0.0	0.6	0.4	0.0
IV. Inventories	473.7	601.0	595.8	462.0	516.2
1. Inventories	487.7	608.0	605.0	478.9	0.0
2. Provision for decline in value of inventories	-14.0	-7.0	-9.3	-16.9	0.0
V. Other short-term assets	19.4	6.4	2.0	1.4	12.2
1. Short-term prepayments	1.6	1.5	1.2	1.0	0.0
2. Value added tax to be reclaimed	13.9	4.7	0.6	0.2	0.0
3. Taxes and other receivables from state authorities	3.9	0.2	0.2	0.2	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,042.5	1,812.5	1,881.0	2,037.3	2,273.7
I. Long-term receivables	131.1	3.9	1.9	2.4	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	70.0
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	131.1	3.9	1.9	2.4	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,038.3	1,054.4	1,139.0	1,107.6	1,217.9
1. Tangible fixed assets	935.3	942.6	1,045.0	982.4	1,092.6
- Cost	2,366.8	2,287.3	2,301.5	2,155.3	0.0
- Accumulated depreciation	-1,431.5	-1,344.7	-1,256.5	-1,172.9	0.0
2. Financial leased fixed assets	102.9	111.7	93.9	125.0	125.1
- Cost	123.9	122.1	100.5	149.3	0.0
- Accumulated depreciation	-20.9	-10.4	-6.6	-24.3	0.0
3. Intangible fixed assets	0.1	0.1	0.1	0.2	0.2
- Cost	0.6	0.6	0.6	0.6	0.0
- Accumulated depreciation	-0.5	-0.5	-0.5	-0.4	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	80.6	6.9	1.7	88.0	222.0
1. Long-term production in progress	—	0.0	0.0	65.3	0.0
2. Construction in progress	80.6	6.9	1.7	22.7	0.0
V. Long-term financial investments	775.7	723.0	715.2	810.6	726.3
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	700.7	650.2	631.4	722.0	0.0
3. Investments in other entities	107.6	105.9	105.9	105.9	0.0
4. Provision for diminution in value of long-term investments	-32.6	-33.0	-22.2	-17.4	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	16.7	24.2	23.2	28.8	0.0
1. Long-term prepayments	13.8	17.3	12.3	14.0	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	37.6
5. Goodwill	3.0	6.9	10.8	14.8	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	3,636.3	3,579.1	3,538.8	3,307.1	3,748.8
A. LIABILITIES (300=210+330)	1,524.3	1,695.0	1,760.5	1,519.4	1,879.6
I. Short -term liabilities	1,222.1	1,072.9	1,165.0	802.2	953.0
1. Short-term trade accounts payable	269.2	264.8	262.3	178.2	314.3
2. Short-term advances from customers	132.2	139.0	137.4	19.3	22.9
3. Taxes and other payables to state authorities	4.1	5.1	108.3	80.2	0.0
4. Payable to employees	80.6	68.1	61.8	68.7	0.0
5. Short-term acrrued expenses	13.3	10.4	8.4	9.2	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	4.1	4.0	3.4	3.3	3.3
9. Other short-term payables	25.7	131.2	103.2	62.5	0.0
10. Short-term borrowings and financial leases	612.0	374.3	402.6	294.4	451.6
11. Provision for short-term liabilities	62.5	62.5	62.5	62.5	0.0
12.. Bonus and welfare fund	18.5	13.6	15.1	24.0	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	302.1	622.2	595.5	717.2	926.6
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	17.1	20.5	24.5	23.9	27.6
7. Other long-term liabilities	14.0	13.9	9.9	9.9	0.0
8. Long-term borrowings and financial leases	271.0	587.8	561.1	683.4	864.7
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)	2,112.0	1,884.0	1,778.3	1,787.7	1,869.3
I. Owner's equity	2,112.0	1,884.0	1,778.3	1,787.7	0.0
1. Owner's capital	746.7	746.7	746.7	746.7	1,869.3
- Common stock with voting right	746.7	746.7	746.7	746.7	746.7
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	32.4	32.4	32.4	32.4	32.4
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	547.3	512.4	471.0	440.8	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	741.1	554.9	497.9	543.7	651.9
- Accumulated retained earning at the end of the previous period	387.2	331.5	374.3	184.7	253.7
- Undistributed earnings in this period	353.9	223.3	123.6	359.0	398.2
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	44.5	37.6	30.3	24.1	19.5
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)	3,636.3	3,579.1	3,538.8	3,307.1	3,748.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	475.8	384.0	319.7	479.6	0.0
Depreciation of Fixed Assets and Investment Property	140.4	142.5	138.4	141.8	0.0
Provision (Increase)/Reversal	7.0	7.9	1.8	-13.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	6.0	22.3	16.8	20.5	0.0
Gain/Loss from Investment Activities	-406.0	-389.5	-352.2	-470.2	0.0
Interest Expense	58.0	54.7	59.4	42.2	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	281.2	221.9	183.9	200.9	0.0
Increase/(Decrease) in Receivables	-226.9	7.0	-45.2	219.5	0.0
Increase/(Decrease) in Inventory	120.3	-2.9	7.3	48.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-65.4	-108.3	108.4	-93.6	0.0
Increase/(Decrease) in Prepaid Expenses	3.4	-5.3	1.8	5.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-62.3	-57.7	-65.7	-61.5	0.0
Corporate Income Tax Paid	-2.9	-3.9	-2.5	-3.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-31.8	-43.6	-31.9	-20.9	0.0
Net Cash Flow from Operating Activities	15.5	7.2	156.1	295.3	204.7
Payments for Fixed Assets and Other Long-term Assets	-184.2	-63.3	-62.9	-22.4	-43.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	6.4	5.8	9.6	1.8	16.1
Loans and Purchases of Debt Instruments	-779.0	-1,014.2	-938.3	-548.0	-12.0
Receipts from Loan Repayments and Sale of Debt Instruments	891.5	958.7	720.6	408.4	15.2
Investments in Other Entities	-6.6	-21.6	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	52.4	0.0
Dividends and Interest Income Received	384.7	391.2	460.9	506.2	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	312.7	256.5	190.0	398.4	328.3
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	1,424.3	1,037.0	749.2	984.3	1,335.2
Repayment of Borrowings	-1,497.9	-1,072.9	-770.9	-1,347.3	-1,736.2
Repayment of Finance Leases	-21.1	-22.5	-67.0	-17.7	-7.1
Dividends Paid	-254.3	-158.0	-255.7	-306.7	-157.7
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	-349.0	-216.4	-344.3	-687.3	-565.8
Net Cash Flow During the Period	-20.8	47.4	1.7	6.3	-48.4
Cash and Cash Equivalents at Beginning of Period	123.3	74.1	72.4	66.2	98.9
FX Difference from Revaluation	-0.0	1.8	0.0	-0.1	0.1
Cash and Cash Equivalents at End of Period	102.5	123.3	74.1	72.4	66.2

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	622.0	629.1	612.2	594.6	561.1	631.7	552.1	493.1	524.4	446.1	379.2	404.9
Revenue Deductions	1.7	1.2	0.8	0.5	0.5	1.6	0.9	2.4	1.1	1.2	2.8	0.1
Net Revenue	620.3	627.9	611.4	594.1	560.7	630.1	551.2	490.7	523.3	444.9	376.4	404.8
Cost of Goods Sold	494.3	506.9	492.6	475.0	446.7	521.9	442.4	392.4	438.8	358.8	285.9	320.0
Gross Profit	126.0	121.0	118.7	119.0	113.9	108.2	108.7	98.3	84.6	86.0	90.5	84.8
Financial Income	11.0	9.3	15.2	11.6	10.6	8.3	11.2	16.5	14.1	7.5	10.4	10.2
Financial Expenses	9.2	22.5	27.1	22.1	24.2	6.4	36.1	29.1	16.9	35.5	17.7	14.2
Interest Expense	13.9	13.7	13.8	16.7	13.8	13.1	14.3	13.5	15.6	16.3	15.0	12.5
Share of Associates and Joint Ventures	77.0	97.1	100.3	89.5	91.1	78.6	88.5	85.6	68.9	83.1	88.7	100.0
Selling Expenses	31.7	28.1	29.8	22.9	26.0	22.7	22.2	17.5	25.7	17.9	20.5	13.0
General and Administrative Expenses	28.4	82.5	73.4	61.1	49.5	94.3	61.1	53.3	61.2	60.7	57.7	42.7
Operating Profit	144.5	94.4	104.0	114.0	115.9	71.7	89.1	100.6	63.8	62.7	93.6	125.1
Other Income	5.1	2.2	0.3	0.2	3.5	4.2	1.0	0.2	0.0	0.0	1.3	0.9
Other Expenses	1.8	0.3	1.5	0.1	0.2	1.2	3.0	0.1	0.5	-0.2	6.6	0.2
Other Profit	3.3	2.0	-1.2	0.1	3.3	3.0	-2.0	0.1	-0.5	0.2	-5.4	0.7
Profit Before Tax	147.8	96.3	102.8	114.1	119.2	74.7	87.1	100.7	63.3	62.9	88.2	125.8
Current Income Tax Expense	0.6	1.1	1.0	0.8	1.1	1.1	1.1	0.7	1.2	0.5	0.9	0.6
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	147.2	95.2	101.8	113.3	118.1	73.6	85.9	100.0	62.2	62.4	87.4	125.2
Non-controlling Interest	1.2	2.0	1.4	1.1	1.7	1.8	2.0	1.2	1.6	1.0	1.7	1.1
Profit Attributable to Parent	146.1	93.2	100.5	112.2	116.4	71.8	83.9	98.8	60.5	61.4	85.7	124.2
Earnings per Share	1,831.00	1,114.00	1,045.00	1,503.00	1,508.00	836.00	846.00	1,324.00	758.00	779.00	965.00	1,663.00
Diluted EPS	1,956.48	1,247.79	1,345.40	1,502.79	1,558.96	961.06	1,123.79	1,323.58	810.82	822.23	1,147.67	1,662.88

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)	1,586.1	1,834.0	1,797.7	1,649.9	1,766.2	1,786.7	1,628.3	1,697.3	1,546.8	1,529.1	1,436.9	1,327.8
I. Cash and cash equivalents	102.5	133.3	80.6	86.9	123.4	50.3	41.0	40.2	74.1	31.7	47.4	35.1
1. Cash	60.0	33.3	26.8	48.9	72.8	38.8	40.8	29.0	67.8	23.3	46.5	34.7
2. Cash equivalents	42.5	100.0	53.8	38.0	50.6	11.5	0.2	11.2	6.3	8.5	0.9	0.4
II. Short-term financial investments	433.7	609.7	505.2	364.2	546.2	556.2	434.2	466.7	490.7	573.7	482.6	302.6
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	433.7	609.7	505.2	364.2	546.2	556.2	434.2	466.7	490.7	573.7	482.6	302.6
III. Short-term receivables	556.9	573.1	698.9	727.7	489.3	547.3	524.4	582.0	495.8	488.1	452.3	573.4
1. Short-term trade accounts receivable	471.0	490.8	526.2	513.7	437.3	498.6	471.0	429.9	374.6	369.7	311.8	378.7
2. Short-term prepayments to suppliers	19.5	14.2	25.3	81.5	21.6	19.3	12.7	11.0	8.2	10.3	5.2	7.4
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	110.7	113.0	178.8	156.4	54.8	54.6	66.0	166.1	137.0	138.5	165.9	212.4
7. Provision for short-term doubtful debts (*)	-44.4	-44.9	-31.7	-24.0	-24.5	-25.3	-25.3	-25.1	-24.6	-30.4	-30.6	-25.1
8. Assets awaiting resolution	0.0	0.0	0.4	0.2	0.0	0.0	0.1	0.1	0.6	0.0	0.0	0.0
IV. Inventories	473.7	496.5	495.1	458.9	601.0	628.3	624.4	605.7	484.3	432.2	446.4	413.2
1. Inventories	487.7	503.5	499.5	463.4	608.0	637.4	632.5	613.0	493.5	441.6	456.8	430.1
2. Provision for decline in value of inventories	-14.0	-7.0	-4.5	-4.5	-7.0	-9.1	-8.1	-7.3	-9.3	-9.4	-10.4	-16.9
V. Other short-term assets	19.4	21.3	18.0	12.1	6.4	4.7	4.3	2.7	2.0	3.5	8.2	3.5
1. Short-term prepayments	1.6	4.2	4.2	2.6	1.5	2.7	2.6	2.1	1.2	3.2	2.5	2.4
2. Value added tax to be reclaimed	13.9	16.9	13.5	9.3	4.7	1.8	1.5	0.3	0.6	0.1	5.6	0.9
3. Taxes and other receivables from state authorities	3.9	0.2	0.2	0.2	0.2	0.2	0.3	0.2	0.2	0.2	0.2	0.2
4. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,004.7	1,920.5	1,945.0	1,993.0	1,804.8	1,729.5	1,771.5	1,901.2	1,901.1	1,957.6	1,975.0	2,113.9
I. Long-term receivables	121.1	131.3	131.2	131.2	3.9	3.7	2.1	2.3	1.9	2.4	2.6	2.9
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	121.1	131.3	131.2	131.2	3.9	3.7	2.1	2.3	1.9	2.4	2.6	2.9
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	1,038.3	1,069.2	1,056.4	1,022.2	1,054.4	1,041.2	1,073.2	1,103.9	1,139.1	1,087.5	1,062.2	1,076.4
1. Tangible fixed assets	935.3	963.5	949.8	913.0	942.6	956.8	987.2	1,017.4	1,045.1	953.7	917.4	953.3
- Cost	—	—	—	—	2,287.3	2,290.1	2,299.4	2,309.1	2,301.5	2,168.8	2,090.4	2,151.4
- Accumulated depreciation	—	—	—	—	-1,344.7	-1,333.3	-1,312.3	-1,291.8	-1,256.4	-1,215.1	-1,173.1	-1,198.2
2. Financial leased fixed assets	102.9	105.6	106.5	109.1	111.7	84.3	85.9	86.4	93.9	133.7	144.7	123.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
- 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	80.6	35.7	59.1	45.2	6.9	41.5	2.3	6.0	1.7	104.9	158.3	139.4
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	65.3	65.3	65.3
2. Construction in progress	80.6	35.7	59.1	45.2	6.9	41.5	2.3	6.0	1.7	39.6	92.9	74.1
V. Long-term financial investments	747.9	665.1	677.5	772.1	715.4	624.7	674.1	768.7	735.2	737.5	726.5	868.6
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	675.4	598.6	605.5	699.7	641.9	550.8	594.9	688.6	651.5	653.0	638.1	780.0
3. Investments in other entities	107.6	105.9	105.9	105.9	105.9	105.9	105.9	105.9	105.9	105.9	105.9	105.9
4. Provision for diminution in value of long-term investments	-35.1	-39.4	-34.0	-33.5	-32.4	-32.1	-26.8	-25.9	-22.2	-21.4	-17.4	-17.4
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	16.7	19.2	20.9	22.3	24.2	18.4	19.9	10.6	12.3	13.5	12.7	12.8
1. Long-term prepayments	13.8	15.2	16.0	16.4	17.3	10.5	11.1	10.6	12.3	13.5	12.7	12.8
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	3.0	3.9	4.9	5.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	6.9	7.9	8.9	9.8	10.8	11.8	12.8	13.8
TOTAL ASSETS (280=100+200)	3,590.8	3,754.5	3,742.7	3,642.9	3,571.0	3,516.2	3,399.8	3,598.4	3,447.9	3,486.8	3,411.9	3,441.7
A. LIABILITIES (300=210+330)	1,518.3	1,716.3	1,788.3	1,645.7	1,723.4	1,680.3	1,625.2	1,720.2	1,646.1	1,559.7	1,545.1	1,528.9
I. Short -term liabilities	1,216.1	1,045.1	1,127.9	1,003.5	1,102.2	1,058.8	1,012.0	1,110.2	1,050.7	836.2	809.2	804.1
1. Short-term trade accounts payable	269.2	227.2	263.1	240.5	264.8	286.0	245.5	225.1	262.3	180.4	196.9	192.9
2. Short-term advances from customers	134.8	135.7	135.0	135.9	139.6	137.6	137.7	140.6	22.0	19.4	16.5	21.3
3. Taxes and other payables to state authorities	4.5	51.4	87.7	25.1	33.9	71.3	31.0	128.3	108.5	139.0	116.7	92.3
4. Payable to employees	77.1	61.7	34.4	30.0	68.1	54.7	30.3	27.0	61.8	40.3	31.3	43.6
5. Short-term acrrued expenses	13.1	16.7	18.5	12.5	10.4	18.4	15.6	13.4	8.4	11.4	10.0	6.6
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	4.1	3.2	4.1	3.3	4.0	2.7	3.7	2.7	3.4	5.7	3.3	2.5
9. Other short-term payables	23.0	36.3	28.0	38.1	131.1	39.6	73.3	77.0	103.2	42.4	38.8	68.1
10. Short-term borrowings and financial leases	612.0	428.8	464.2	449.1	374.3	345.4	375.3	425.6	402.6	312.2	305.4	295.8
11. Provision for short-term liabilities	62.5	62.5	62.5	62.5	62.5	62.5	62.5	62.5	62.5	62.5	62.5	62.5
12.. Bonus and welfare fund	15.9	21.6	30.3	6.6	13.6	40.5	37.2	8.0	16.0	23.1	27.9	18.6
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	302.1	671.1	660.4	642.2	621.2	621.5	613.2	610.0	595.5	723.5	735.9	724.8
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	17.1	18.8	18.8	20.5	20.5	22.6	22.7	24.3	24.5	21.7	23.1	24.1
7. Other long-term liabilities	14.0	13.9	13.9	13.9	12.9	12.9	9.9	9.9	9.9	9.9	9.9	9.9
8. Long-term borrowings and financial leases	271.0	638.4	627.7	607.9	587.8	586.0	580.7	575.7	561.1	691.9	702.9	690.8
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)	2,072.6	2,038.2	1,954.4	1,997.2	1,847.6	1,835.9	1,774.6	1,878.3	1,801.8	1,927.1	1,866.8	1,912.8
I. Owner's equity	2,072.6	2,038.2	1,954.4	1,997.2	1,847.6	1,835.9	1,774.6	1,878.3	1,801.8	1,927.1	1,866.8	1,912.8
1. Owner's capital	746.7	746.7	746.7	746.7	746.7	746.7	746.7	746.7	746.7	746.7	746.7	746.7
- Common stock with voting right	746.7	746.7	746.7	746.7	746.7	746.7	746.7	746.7	746.7	746.7	746.7	746.7
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	32.4	32.4	32.4	32.4	32.4	32.4	32.4	32.4	32.4	32.4	32.4	32.4
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	547.3	547.3	547.3	512.4	512.4	488.6	488.6	471.0	471.0	473.5	448.4	440.8
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	701.6	668.4	588.1	667.0	518.5	533.4	473.2	596.7	521.4	650.8	612.8	667.8
- Accumulated retained earning at the end of the previous period	362.5	362.9	375.8	554.9	303.2	329.7	335.8	497.9	377.8	380.6	403.3	543.7
- Undistributed earnings in this period	339.2	305.5	212.3	112.1	215.4	203.8	137.5	98.8	143.6	270.1	209.5	124.1
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	44.5	43.4	40.0	38.8	37.6	34.9	33.7	31.5	30.3	23.7	26.5	25.2
14. Financial reserves	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	3,590.8	3,754.5	3,742.7	3,642.9	3,571.0	3,516.2	3,399.8	3,598.4	3,447.9	3,486.8	3,411.9	3,441.7

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	258.4	—	217.4	—	0.0	-182.5	182.5	0.0	319.7	-213.5	213.5	0.0
Depreciation of Fixed Assets and Investment Property	71.6	—	68.8	—	0.0	-73.0	73.0	0.0	138.4	-69.2	69.2	0.0
Provision (Increase)/Reversal	0.7	—	6.3	—	0.0	-8.7	8.7	0.0	1.8	-1.2	1.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	-9.8	—	15.9	—	0.0	-22.4	22.4	0.0	16.8	-0.6	0.6	0.0
Gain/Loss from Investment Activities	-195.6	—	-210.4	—	0.0	195.8	-195.8	0.0	-352.2	202.9	-202.9	0.0
Interest Expense	27.5	—	30.5	—	0.0	-27.8	27.8	0.0	59.4	-27.5	27.5	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	152.8	—	128.4	—	0.0	-118.6	118.6	0.0	183.9	-109.1	109.1	0.0
Increase/(Decrease) in Receivables	64.9	—	-291.8	—	0.0	22.7	-22.7	0.0	-45.2	7.7	-7.7	0.0
Increase/(Decrease) in Inventory	21.1	—	99.2	—	0.0	27.5	-27.5	0.0	7.3	-22.1	22.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-43.9	—	-21.5	—	0.0	150.2	-150.2	0.0	108.4	-22.7	22.7	0.0
Increase/(Decrease) in Prepaid Expenses	4.8	—	-1.4	—	0.0	0.2	-0.2	0.0	1.8	0.5	-0.5	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-30.2	—	-32.2	—	0.0	29.5	-29.5	0.0	-65.7	32.7	-32.7	0.0
Corporate Income Tax Paid	-1.7	-0.4	0.0	-0.8	-2.1	-0.1	-0.6	-1.0	-1.8	-0.1	-0.1	-0.6
Other Operating Receipts	—	—	—	—	8.0	25.3	-13.5	13.5	-24.8	24.8	-7.4	7.4
Other Operating Payments	164.5	-177.5	24.0	-42.8	-64.8	-244.0	17.5	-30.1	19.6	-34.0	2.9	-20.4
Net Cash Flow from Operating Activities	103.2	51.2	2.9	-141.9	57.0	19.7	-75.0	-50.7	28.6	32.6	100.7	-5.8
Payments for Fixed Assets and Other Long-term Assets	-34.5	-37.4	-34.6	-77.8	-12.6	-14.5	-38.2	-1.1	5.4	-13.8	-35.6	-18.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	4.1	2.2	—	—	0.7	5.0	0.9	0.0	0.4	0.0	8.0	1.2
Loans and Purchases of Debt Instruments	-325.0	—	-454.0	—	0.0	474.2	-474.2	0.0	-938.3	434.6	-434.6	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	396.5	—	495.0	—	0.0	-530.7	530.7	0.0	720.6	-225.0	225.0	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	-21.6	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	3.5	180.6	190.1	10.5	18.2	214.3	213.6	30.0	72.1	91.2	297.6	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	144.5	43.9	6.6	117.7	16.4	82.8	208.7	31.3	160.9	-13.6	90.0	-47.3
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.0	0.0	0.0	0.0	-0.1	0.1	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	493.5	275.7	307.8	347.3	242.0	309.1	216.4	270.9	91.6	231.6	211.0	215.1
Repayment of Borrowings	-646.0	-315.1	-279.8	-256.9	-224.3	-331.4	-271.7	-245.6	-80.3	-255.5	-237.9	-197.2
Repayment of Finance Leases	-15.8	0.0	-5.3	—	-1.1	-15.7	-3.1	-2.6	-57.0	2.0	-12.0	0.0
Dividends Paid	-110.2	-3.0	-38.5	-102.6	-16.9	-55.2	-74.6	-37.2	-101.4	-11.9	-140.4	-2.0
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	-278.6	-42.4	-15.8	-12.2	-0.3	-93.2	-133.0	-14.5	-147.2	-33.8	-179.3	15.9
Net Cash Flow During the Period	-30.9	52.8	-6.3	-36.4	73.1	9.3	0.8	-33.9	42.3	-14.8	11.4	-37.2
Cash and Cash Equivalents at Beginning of Period	133.3	80.6	86.9	123.3	74.1	74.1	74.1	74.1	72.4	72.4	72.4	72.4
FX Difference from Revaluation	-0.0	-0.1	-0.1	—	0.0	0.0	0.0	0.0	0.0	-0.8	0.8	0.0
Cash and Cash Equivalents at End of Period	102.5	133.3	80.6	86.9	123.4	50.3	41.0	40.2	74.1	31.7	47.4	35.1

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