PPP

Listed Company · HNX

Price

18,100

Latest close

03 Apr 2026

P/E 9.6x

EPS (TTM) 1,884

ROE (TTM) 13.5%

P/B 1.1x

BVPS (Latest) 15,765

ROA (TTM) 10.8%

What Is Changing

PPP no longer looks like a business simply rebounding from a weak base. Revenue posted +1.6% YoY, while net margin reached 13.28% with an additional +0.7pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income recovered 6.9% to VND 18.6bn in 2025.
Net margin improved from 12.62% in the prior period to 13.28% in 2025.
Revenue growth accelerated to 1.6% in 2025, up 11.2pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	139.7	137.5	152.2	150.6	133.3
Growth	+2%	-10%	+1%	+13%	—
Net Income	18.6	17.4	20.1	20.5	16.9
Net Margin	13.28%	12.62%	13.21%	13.64%	12.65%

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	41.3	32.5	31.1	34.9	36.5	33.4	36.9	30.7	39.7	36.0	39.5	36.9
Growth	+27%	+5%	-11%	-4%	+9%	-9%	+20%	-23%	+10%	-9%	+7%	—
Net Income	6.4	3.3	4.3	4.5	5.4	4.7	4.6	2.6	5.6	5.0	4.8	4.8
Net Margin	15.55%	10.09%	13.90%	12.97%	14.88%	14.09%	12.48%	8.50%	14.05%	13.75%	12.24%	12.86%

Financial Statements

Profitability

Net margin reached 13.28% while Revenue posted +1.6% YoY.

Balance Sheet

Inventory stood at 40.1bn, liabilities at 38.0bn, and equity at 138.7bn.

Cash Flow

Operating cash flow was 16.8bn in 2025, while investing cash flow was -9.2bn.

Financing cash flow: -6.9bn.

Item	2025	2024	2023	2022	2021
Revenue	141.1	138.1	152.5	150.9	133.7
Revenue Deductions	1.4	0.5	0.3	0.4	0.0
Net Revenue	139.7	137.5	152.2	150.6	133.3
Cost of Goods Sold	90.4	91.1	103.0	99.4	0.0
Gross Profit	49.3	46.4	49.2	51.2	45.2
Financial Income	1.7	1.4	1.3	0.6	0.1
Financial Expenses	0.1	0.0	0.0	0.1	-0.4
Interest Expense	0.1	0.0	0.0	0.0	-0.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	14.4	13.4	13.4	13.6	-14.5
General and Administrative Expenses	13.7	12.8	12.7	12.6	-11.1
Operating Profit	22.8	21.6	24.4	25.6	19.3
Other Income	0.4	0.2	0.3	0.1	0.0
Other Expenses	0.0	0.0	0.1	0.0	0.0
Other Profit	0.4	0.2	0.2	0.1	0.1
Profit Before Tax	23.2	21.8	24.6	25.7	19.4
Current Income Tax Expense	5.0	4.6	4.3	5.1	-2.5
Deferred Income Tax Expense	-0.3	-0.1	0.1	0.1	0.0
Net Income	18.6	17.4	20.1	20.5	16.9
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	18.6	17.4	20.1	20.5	16.9
Earnings per Share	1,883.00	1,767.00	2,061.00	2,106.00	1,722.00
Diluted EPS	2,108.49	1,972.63	2,284.32	2,334.25	1,916.18

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	100.4	91.2	79.6	78.5	70.8
I. Cash and cash equivalents	9.5	8.9	8.5	10.3	12.1
1. Cash	4.5	4.9	4.5	6.3	0.0
2. Cash equivalents	5.0	4.0	4.0	4.0	0.0
II. Short-term financial investments	40.1	31.1	23.6	16.0	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	40.1	31.1	23.6	16.0	0.0
III. Short-term receivables	10.3	13.9	15.3	15.3	11.0
1. Short-term trade accounts receivable	7.6	11.2	13.3	13.7	0.0
2. Short-term prepayments to suppliers	1.0	2.0	0.8	1.1	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	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	1.8	0.9	1.3	0.6	0.0
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	-0.1	-0.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	40.1	36.9	32.0	36.8	41.5
1. Inventories	40.7	37.5	32.9	37.7	0.0
2. Provision for decline in value of inventories	-0.6	-0.6	-0.9	-0.9	0.0
V. Other short-term assets	0.4	0.4	0.3	0.2	0.2
1. Short-term prepayments	0.3	0.4	0.2	0.2	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	0.0	0.1	0.0	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)	76.3	75.9	80.4	79.7	85.2
I. Long-term receivables	0.1	0.1	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	0.1	0.1	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	72.4	74.3	78.0	77.9	83.3
1. Tangible fixed assets	56.2	57.4	60.5	59.7	64.4
- Cost	114.1	111.8	112.1	107.2	0.0
- Accumulated depreciation	-57.9	-54.3	-51.6	-47.5	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	16.2	16.9	17.5	18.2	18.9
- Cost	24.6	24.6	24.6	24.6	0.0
- Accumulated depreciation	-8.4	-7.8	-7.1	-6.4	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	—	0.1	0.0	0.6	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.1	0.0	0.6	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	3.9	1.5	2.3	1.2	0.0
1. Long-term prepayments	3.1	1.0	2.0	0.7	0.0
2. Deferred income tax assets	0.8	0.5	0.3	0.5	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	1.9
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)	176.7	167.1	160.0	158.2	156.1
A. LIABILITIES (300=210+330)	38.0	31.8	29.7	33.6	39.5
I. Short -term liabilities	37.8	31.6	29.4	33.4	39.3
1. Short-term trade accounts payable	10.2	13.5	11.7	12.6	16.4
2. Short-term advances from customers	4.6	4.7	4.8	8.4	11.9
3. Taxes and other payables to state authorities	2.0	1.7	1.6	2.2	0.0
4. Payable to employees	6.3	4.0	4.5	4.5	0.0
5. Short-term acrrued expenses	0.4	0.5	0.5	0.7	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	0.8	0.8	0.7	0.9	0.0
10. Short-term borrowings and financial leases	6.3	0.0	0.0	0.0	2.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	7.1	6.3	5.8	4.1	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	0.2	0.2	0.2	0.2	0.2
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	0.2	0.2	0.2	0.2	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	—	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)	138.7	135.4	130.4	124.6	116.6
I. Owner's equity	138.7	135.4	130.4	124.6	0.0
1. Owner's capital	88.0	88.0	88.0	88.0	116.6
- Common stock with voting right	88.0	88.0	88.0	88.0	88.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	2.2	2.2	2.2	2.2	2.2
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	11.3	10.3	9.4	8.4	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	37.3	34.9	30.8	26.0	19.0
- Accumulated retained earning at the end of the previous period	21.7	20.3	13.7	8.5	4.7
- Undistributed earnings in this period	15.6	14.6	17.2	17.5	14.3
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)	176.7	167.1	160.0	158.2	156.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	23.2	21.8	24.6	25.7	19.4
Depreciation of Fixed Assets and Investment Property	4.2	4.2	4.8	6.2	6.2
Provision (Increase)/Reversal	-0.0	-0.3	-0.1	-0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.7	-1.4	-1.3	-0.6	0.0
Interest Expense	0.1	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	25.8	24.4	27.9	31.4	26.8
Increase/(Decrease) in Receivables	4.0	1.2	0.5	-4.2	0.0
Increase/(Decrease) in Inventory	-3.2	-4.6	4.8	4.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.7	1.3	-6.1	-6.3	0.0
Increase/(Decrease) in Prepaid Expenses	-2.0	0.8	-0.8	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.1	0.0	0.0	-0.0	0.0
Corporate Income Tax Paid	-4.8	-4.5	-4.1	-4.4	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-1.2	-1.2	-0.3	-0.3	0.0
Net Cash Flow from Operating Activities	16.8	17.3	22.1	20.9	19.3
Payments for Fixed Assets and Other Long-term Assets	-1.5	-0.5	-4.6	-0.8	-1.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-41.1	-38.2	-29.6	-23.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	32.1	30.7	22.0	13.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	1.3	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	1.6	0.8	0.4	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	-9.2	-6.5	-11.4	-10.4	-1.1
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	10.7	0.0	0.0	0.0	9.2
Repayment of Borrowings	-4.4	0.0	0.0	-2.0	-18.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-13.2	-10.4	-12.5	-10.3	-6.0
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	-6.9	-10.4	-12.5	-12.3	-15.1
Net Cash Flow During the Period	0.7	0.4	-1.8	-1.8	3.7
Cash and Cash Equivalents at Beginning of Period	8.9	8.5	10.3	12.1	9.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	9.5	8.9	8.5	10.3	12.1

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	41.8	32.9	31.4	35.1	36.9	33.5	37.0	30.8	39.8	36.1	39.7	37.0
Revenue Deductions	0.4	0.4	0.3	0.2	0.4	0.0	0.1	0.0	0.0	0.1	0.2	0.1
Net Revenue	41.3	32.5	31.1	34.9	36.5	33.4	36.9	30.7	39.7	36.0	39.5	36.9
Cost of Goods Sold	26.3	21.3	19.9	22.9	23.5	21.1	25.4	21.2	26.7	23.9	27.2	25.3
Gross Profit	15.0	11.2	11.1	12.0	13.0	12.3	11.5	9.5	13.1	12.2	12.3	11.6
Financial Income	0.9	0.1	0.7	0.1	0.6	0.1	0.6	0.1	0.7	0.1	0.5	0.1
Financial Expenses	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	0.0	0.0	0.0	—	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	4.0	3.9	3.3	3.2	3.7	3.4	3.2	3.1	4.0	3.0	3.2	3.1
General and Administrative Expenses	4.1	3.3	3.1	3.2	3.2	3.1	3.2	3.3	3.5	3.0	3.5	2.7
Operating Profit	7.8	4.1	5.4	5.6	6.8	5.9	5.7	3.2	6.3	6.2	6.1	5.9
Other Income	0.3	0.0	0.0	0.1	0.1	0.0	0.1	0.1	0.1	0.0	0.1	0.0
Other Expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0
Other Profit	0.3	0.0	0.0	0.1	0.1	-0.0	0.1	0.1	0.1	0.0	-0.0	0.0
Profit Before Tax	8.1	4.1	5.4	5.7	6.9	5.9	5.7	3.3	6.4	6.2	6.1	5.9
Current Income Tax Expense	1.5	1.1	1.1	1.2	1.4	1.3	1.1	0.7	0.8	1.2	1.2	1.1
Deferred Income Tax Expense	0.1	-0.3	-0.1	-0.1	0.1	-0.1	-0.0	-0.1	-0.0	0.1	-0.0	0.1
Net Income	6.4	3.3	4.3	4.5	5.4	4.7	4.6	2.6	5.6	5.0	4.8	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	6.4	3.3	4.3	4.5	5.4	4.7	4.6	2.6	5.6	5.0	4.8	4.8
Earnings per Share	662.00	324.00	439.00	459.00	554.00	477.00	472.00	263.00	570.00	510.00	494.00	489.00
Diluted EPS	730.56	372.82	490.82	514.30	617.31	535.05	523.27	296.96	634.76	562.62	549.16	539.83

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)	96.3	83.4	84.4	90.7	91.2	79.3	74.9	80.4	79.6	79.5	73.3	79.7
I. Cash and cash equivalents	9.5	4.6	5.3	8.6	8.9	3.8	4.5	10.0	8.5	5.2	6.7	13.3
1. Cash	4.5	4.6	5.3	6.6	4.9	3.8	4.5	6.0	4.5	5.2	6.7	9.3
2. Cash equivalents	5.0	—	—	2.0	4.0	0.0	0.0	4.0	4.0	0.0	0.0	4.0
II. Short-term financial investments	36.0	27.7	24.6	32.0	31.1	29.1	23.6	20.6	23.6	22.1	15.0	15.0
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	36.0	27.7	24.6	32.0	31.1	29.1	23.6	20.6	23.6	22.1	15.0	15.0
III. Short-term receivables	10.3	10.5	15.7	14.1	13.9	13.7	15.6	15.8	15.3	19.8	18.3	16.9
1. Short-term trade accounts receivable	7.6	7.7	13.0	11.4	11.2	12.3	12.4	12.9	13.3	14.7	15.8	16.2
2. Short-term prepayments to suppliers	1.0	1.9	1.6	1.9	2.0	0.9	2.1	2.1	0.8	4.5	1.8	0.4
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	1.8	1.0	1.2	0.8	0.9	0.6	1.1	0.9	1.3	0.7	0.8	0.4
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.2	-0.2	-0.2
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	40.1	40.1	38.3	35.5	36.9	32.4	30.9	33.5	32.0	31.9	32.9	34.2
1. Inventories	40.7	40.6	38.9	36.1	37.5	33.3	31.9	34.3	32.9	32.8	33.8	35.2
2. Provision for decline in value of inventories	-0.6	-0.5	-0.6	-0.6	-0.6	-0.9	-1.0	-0.9	-0.9	-0.9	-0.9	-0.9
V. Other short-term assets	0.4	0.5	0.5	0.5	0.4	0.3	0.3	0.5	0.3	0.5	0.4	0.2
1. Short-term prepayments	0.3	0.4	0.5	0.5	0.4	0.3	0.3	0.5	0.2	0.4	0.4	0.2
2. Value added tax to be reclaimed	—	0.1	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	—	0.0	—	0.0	0.0	0.0	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)	80.4	79.6	77.8	76.8	75.9	76.9	77.9	79.1	80.4	77.0	77.3	78.7
I. Long-term receivables	0.1	0.1	0.1	0.1	0.1	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	0.1	0.1	0.1	0.1	0.1	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	72.4	71.8	72.6	73.4	74.3	75.0	75.9	77.0	78.0	75.0	75.2	76.4
1. Tangible fixed assets	56.2	55.4	56.1	56.7	57.4	58.0	58.7	59.6	60.5	57.3	57.3	58.3
- Cost	—	—	—	—	111.8	112.2	112.1	112.1	112.1	108.0	107.2	107.2
- Accumulated depreciation	—	—	—	—	-54.3	-54.3	-53.4	-52.5	-51.6	-50.7	-49.9	-48.9
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	16.2	16.3	16.5	16.7	16.9	17.0	17.2	17.4	17.5	17.7	17.9	18.1
- 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	—	1.9	1.9	0.1	0.1	0.0	0.0	0.0	0.0	0.1	0.0	1.1
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	—	1.9	1.9	0.1	0.1	0.0	0.0	0.0	0.0	0.1	0.0	1.1
V. Long-term financial investments	4.1	4.1	2.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	4.1	4.1	2.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	3.9	1.8	1.3	1.2	1.5	1.8	2.0	2.1	2.3	1.9	2.1	1.2
1. Long-term prepayments	3.1	0.9	0.6	0.7	1.0	1.3	1.6	1.7	2.0	1.6	1.7	0.8
2. Deferred income tax assets	0.8	0.9	0.6	0.6	0.5	0.5	0.4	0.4	0.3	0.3	0.4	0.4
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)	176.7	163.0	162.2	167.5	167.1	156.2	152.8	159.4	160.0	156.4	150.6	158.4
A. LIABILITIES (300=210+330)	38.0	30.1	32.1	28.1	31.8	25.7	26.5	26.7	29.6	31.1	29.7	29.5
I. Short -term liabilities	37.8	29.9	31.9	27.9	31.6	25.5	26.3	26.5	29.4	30.8	29.5	29.3
1. Short-term trade accounts payable	10.2	10.8	10.4	11.9	13.5	8.4	10.4	10.9	11.7	11.8	13.5	13.9
2. Short-term advances from customers	4.6	5.1	6.9	4.8	4.7	3.8	4.0	5.8	4.8	6.8	5.3	6.0
3. Taxes and other payables to state authorities	2.0	1.4	1.4	1.7	1.7	1.7	1.6	1.2	1.6	2.2	1.9	1.9
4. Payable to employees	6.3	4.0	3.2	2.4	4.0	4.4	3.3	2.4	4.5	3.4	2.7	2.0
5. Short-term acrrued expenses	0.4	0.4	0.3	0.2	0.5	0.4	0.3	0.3	0.5	0.4	0.3	0.2
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	0.8	0.9	0.9	0.8	0.8	0.8	1.0	0.6	0.7	0.9	1.1	0.8
10. Short-term borrowings and financial leases	6.3	0.8	2.3	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	7.1	6.6	6.5	6.1	6.3	5.9	5.7	5.3	5.8	5.2	4.8	4.3
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	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	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)	138.7	132.9	130.1	139.4	135.4	130.5	126.3	132.7	130.4	125.4	120.9	128.9
I. Owner's equity	138.7	132.9	130.1	139.4	135.4	130.5	126.3	132.7	130.4	125.4	120.9	128.9
1. Owner's capital	88.0	88.0	88.0	88.0	88.0	88.0	88.0	88.0	88.0	88.0	88.0	88.0
- Common stock with voting right	88.0	88.0	88.0	88.0	88.0	88.0	88.0	88.0	88.0	88.0	88.0	88.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2
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
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	11.3	10.9	10.7	10.5	10.3	10.0	9.7	9.5	9.4	9.1	8.8	8.6
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	37.3	31.8	29.1	38.7	34.9	30.3	26.3	33.0	30.8	26.1	21.8	30.1
- Accumulated retained earning at the end of the previous period	21.7	21.7	21.7	34.9	20.3	20.3	20.3	30.8	13.7	13.7	13.7	26.0
- Undistributed earnings in this period	15.6	10.1	7.4	3.8	14.6	10.0	6.1	2.2	17.2	12.4	8.2	4.1
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	—	—	—	—	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)	176.7	163.0	162.2	167.5	167.1	156.2	152.8	159.4	160.0	156.4	150.6	158.4

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	8.1	4.1	5.4	5.7	6.9	5.9	5.7	3.3	6.4	6.1	6.1	5.9
Depreciation of Fixed Assets and Investment Property	1.1	1.1	1.1	1.0	1.0	1.0	1.1	1.1	1.1	1.0	1.2	1.5
Provision (Increase)/Reversal	0.1	-0.1	0.1	—	-0.3	-0.1	0.2	0.0	-0.1	-0.1	-0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.9	-0.1	-0.7	-0.1	-0.7	-0.1	-0.6	-0.1	-0.7	-0.1	-0.5	-0.1
Interest Expense	0.0	0.0	0.0	—	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	8.4	5.0	5.8	6.6	7.0	6.8	6.4	4.2	6.7	7.0	6.8	7.4
Increase/(Decrease) in Receivables	1.1	4.5	-1.3	-0.2	0.4	1.2	0.5	-0.8	5.2	-1.7	-1.2	-1.8
Increase/(Decrease) in Inventory	-0.1	-1.7	-2.9	1.4	-4.2	-1.4	2.4	-1.5	-0.1	1.0	1.4	2.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.7	-0.5	3.5	-5.4	5.4	-0.9	-1.4	-1.8	-1.6	0.8	-0.8	-4.4
Increase/(Decrease) in Prepaid Expenses	-2.1	-0.2	0.1	0.2	0.2	0.3	0.2	0.1	-0.2	0.1	-0.0	-0.6
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.0	-0.0	-0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-1.1	-1.1	-1.2	-1.4	-1.3	-1.2	-0.7	-1.3	-1.2	-0.8	-1.1	-1.1
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-0.4	-0.1	-0.7	-0.1	-0.4	-0.0	-0.8	-0.0	-0.1	-0.0	-0.2
Net Cash Flow from Operating Activities	6.9	5.5	3.9	0.6	7.4	4.4	7.3	-1.8	8.8	6.5	5.0	1.8
Payments for Fixed Assets and Other Long-term Assets	0.9	-0.2	-2.1	-0.1	-0.4	-0.2	0.0	0.0	-3.8	-0.8	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-9.3	-18.7	-7.1	-6.0	-6.0	-18.6	-10.5	-3.1	-2.5	-12.0	-7.0	-8.0
Receipts from Loan Repayments and Sale of Debt Instruments	1.0	13.5	12.5	5.1	4.0	13.1	7.5	6.1	1.0	5.0	7.0	9.0
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	1.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	0.7	0.4	0.2	0.1	0.7	0.4	0.4	0.0	0.2	0.2	0.3
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	-7.3	-4.7	3.7	-0.8	-2.3	-5.0	-2.6	3.4	-5.3	-7.6	0.2	1.3
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	6.3	0.8	3.6	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-0.8	-2.3	-1.3	—	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	-13.2	—	-0.0	-0.1	-10.3	-0.0	-0.3	-0.3	-11.9	-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	5.4	-1.5	-10.9	—	-0.0	-0.1	-10.3	-0.0	-0.3	-0.3	-11.9	-0.0
Net Cash Flow During the Period	4.9	-0.7	-3.3	-0.3	5.1	-0.7	-5.6	1.6	3.3	-1.5	-6.7	3.0
Cash and Cash Equivalents at Beginning of Period	4.6	5.3	8.6	8.9	8.5	8.5	8.5	8.5	10.3	10.3	10.3	10.3
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	9.5	4.6	5.3	8.6	8.9	3.8	4.5	10.0	8.5	5.2	6.7	13.3

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What Is Changing

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Balance Sheet

Cash Flow

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