PSB

Listed Company · UPCOM

Price

5,800

Latest close

03 Apr 2026

P/E 181.2x

EPS (TTM) 32

ROE (TTM) 0.3%

P/B 0.5x

BVPS (Latest) 11,220

ROA (TTM) 0.2%

What Is Changing

PSB no longer looks like a business simply rebounding from a weak base. Revenue posted +82.6% YoY, while net margin reached 0.77% with an additional +0.1pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income recovered 114.2% to VND 1.6bn in 2025.
Revenue growth accelerated to 82.6% in 2025, up 111.6pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	208.8	114.3	160.9	167.8	156.1
Growth	+83%	-29%	-4%	+7%	—
Net Income	1.6	0.8	4.6	1.0	0.9
Net Margin	0.77%	0.66%	2.88%	0.60%	0.55%

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	74.5	24.2	51.0	59.1	20.7	26.2	30.2	37.3	82.4	30.8	22.8	24.9
Growth	+207%	-52%	-14%	+186%	-21%	-13%	-19%	-55%	+168%	+35%	-9%	—
Net Income	0.1	0.2	1.0	0.3	-2.0	4.1	-1.5	0.5	-2.6	3.4	2.9	0.7
Net Margin	0.17%	0.72%	1.91%	0.57%	-9.56%	15.61%	-4.82%	1.22%	-3.13%	11.18%	12.65%	2.66%

Financial Statements

Profitability

Net margin reached 0.77% while Revenue posted +82.6% YoY.

Balance Sheet

Inventory stood at 71.2bn, liabilities at 289.5bn, and equity at 561.0bn.

Cash Flow

Operating cash flow was 5.4bn in 2025, while investing cash flow was 137.2bn.

Financing cash flow: -0.0bn.

Item	2025	2024	2023	2022	2021
Revenue	208.8	114.3	160.9	167.8	156.1
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	208.8	114.3	160.9	167.8	156.1
Cost of Goods Sold	182.7	103.7	153.3	162.1	0.0
Gross Profit	26.1	10.6	7.6	5.7	5.9
Financial Income	12.2	16.4	31.4	22.3	21.0
Financial Expenses	0.0	0.8	0.3	0.3	-0.1
Interest Expense	0.0	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	0.5	0.6	0.6	0.6	-1.1
General and Administrative Expenses	25.8	25.7	31.8	25.0	-23.9
Operating Profit	11.9	-0.1	6.3	2.1	1.7
Other Income	1.2	4.0	0.4	0.1	0.0
Other Expenses	9.3	2.2	1.1	0.3	0.0
Other Profit	-8.1	1.8	-0.7	-0.2	0.1
Profit Before Tax	3.8	1.6	5.5	1.9	1.7
Current Income Tax Expense	1.3	0.0	0.0	0.0	-0.9
Deferred Income Tax Expense	0.9	0.9	0.9	0.9	0.0
Net Income	1.6	0.8	4.6	1.0	0.9
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	1.6	0.8	4.6	1.0	0.9
Earnings per Share	32.00	15.00	83.00	20.00	17.00
Diluted EPS	32.14	15.00	92.58	20.21	17.19

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	504.6	487.1	515.1	493.2	483.6
I. Cash and cash equivalents	183.4	40.8	33.0	33.1	55.7
1. Cash	23.4	40.8	33.0	33.1	0.0
2. Cash equivalents	160.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	37.0	307.0	347.0	417.0	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	37.0	307.0	347.0	417.0	0.0
III. Short-term receivables	202.3	96.3	115.6	36.3	15.1
1. Short-term trade accounts receivable	53.3	59.3	88.1	35.0	0.0
2. Short-term prepayments to suppliers	94.5	8.7	11.0	6.4	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	68.0	41.9	30.0	8.6	0.0
7. Provision for short-term doubtful debts (*)	-13.5	-13.5	-13.5	-13.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	71.2	40.6	11.6	2.0	0.1
1. Inventories	71.2	40.6	11.6	2.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	10.8	2.4	7.8	4.8	5.8
1. Short-term prepayments	0.7	0.3	0.4	0.4	0.0
2. Value added tax to be reclaimed	10.0	1.8	7.2	4.0	0.0
3. Taxes and other receivables from state authorities	—	0.3	0.2	0.4	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)	345.9	319.3	287.2	275.6	280.7
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	132.6	63.9	76.8	66.4	70.2
1. Tangible fixed assets	132.6	63.9	76.8	66.4	70.2
- Cost	194.1	119.4	128.4	114.5	0.0
- Accumulated depreciation	-61.5	-55.4	-51.6	-48.1	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	—	0.0	0.0	0.0	0.0
- Cost	0.1	0.1	0.1	0.1	0.0
- Accumulated depreciation	-0.1	-0.1	-0.1	-0.1	0.0
III. Investment properties	154.9	159.7	164.4	169.1	173.9
- Cost	229.3	229.3	229.3	229.3	0.0
- Accumulated depreciation	-74.4	-69.6	-64.9	-60.2	0.0
IV. Long-term assets in progress	54.3	92.9	42.2	39.2	35.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	54.3	92.9	42.2	39.2	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	4.1	2.8	3.8	1.0	0.0
1. Long-term prepayments	4.1	2.8	3.8	1.0	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	1.5
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)	850.5	806.4	802.3	768.8	764.3
A. LIABILITIES (300=210+330)	289.5	246.9	243.1	214.1	210.5
I. Short -term liabilities	110.5	63.5	55.4	22.1	14.1
1. Short-term trade accounts payable	64.8	4.5	33.7	8.6	1.7
2. Short-term advances from customers	5.8	0.0	2.1	0.0	0.0
3. Taxes and other payables to state authorities	1.1	0.5	0.1	0.1	0.0
4. Payable to employees	6.9	4.0	4.9	1.5	0.0
5. Short-term acrrued expenses	10.5	42.2	4.8	2.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	16.7	7.8	5.2	5.2	5.2
9. Other short-term payables	4.1	4.0	4.0	4.0	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.6	0.7	0.6	0.7	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	179.1	183.4	187.7	192.0	196.5
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	165.1	170.3	175.5	180.7	185.9
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	13.9	13.0	12.2	11.3	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	0.1	0.1	0.1	0.1	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	561.0	559.5	559.2	554.7	553.8
I. Owner's equity	561.0	559.5	559.2	554.7	0.0
1. Owner's capital	500.0	500.0	500.0	500.0	553.8
- Common stock with voting right	500.0	500.0	500.0	500.0	500.0
- 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	44.4	44.4	44.4	44.4	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	16.7	15.2	14.9	10.3	9.4
- Accumulated retained earning at the end of the previous period	15.1	14.4	10.2	9.3	8.6
- Undistributed earnings in this period	1.6	0.8	4.6	1.0	0.9
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)	850.5	806.4	802.3	768.8	764.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	3.8	0.0	5.5	1.9	0.0
Depreciation of Fixed Assets and Investment Property	10.8	0.0	8.4	8.6	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	0.0	0.1	0.3	0.0
Gain/Loss from Investment Activities	-12.1	0.0	-30.7	-21.6	0.0
Interest Expense	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
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	2.4	0.0	-16.7	-10.8	0.0
Increase/(Decrease) in Receivables	-37.9	0.0	-83.5	-21.4	0.0
Increase/(Decrease) in Inventory	-31.5	0.0	-9.6	-1.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	74.3	0.0	19.3	3.0	0.0
Increase/(Decrease) in Prepaid Expenses	-1.7	0.0	-5.1	0.7	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.0	0.0	0.0	-0.0	0.0
Corporate Income Tax Paid	—	-0.1	0.0	0.0	0.0
Other Operating Receipts	—	1.9	0.0	0.0	0.0
Other Operating Payments	-0.2	-20.7	-0.1	-0.1	0.0
Net Cash Flow from Operating Activities	5.4	-31.9	-95.8	-30.5	-8.4
Payments for Fixed Assets and Other Long-term Assets	-147.2	-16.7	-6.4	-4.1	-1.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-285.6	0.0	-409.0	-505.0	-405.0
Receipts from Loan Repayments and Sale of Debt Instruments	555.6	0.0	479.0	495.0	395.0
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	14.3	16.4	32.2	22.6	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	137.2	39.7	95.8	8.6	11.1
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	12.0	4.8	0.0	-10.0	0.0
Repayment of Borrowings	-12.0	-4.8	0.0	10.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-0.0	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	142.5	7.8	0.0	-22.0	-96.3
Cash and Cash Equivalents at Beginning of Period	40.8	33.0	33.1	55.7	53.1
FX Difference from Revaluation	-0.0	-0.0	-0.1	-0.7	-0.1
Cash and Cash Equivalents at End of Period	183.4	40.8	33.0	33.1	55.7

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
Revenue	74.5	24.2	51.0	59.1	20.7	26.2	30.2	37.3	82.4	30.8	22.8	24.9
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	74.5	24.2	51.0	59.1	20.7	26.2	30.2	37.3	82.4	30.8	22.8	24.9
Cost of Goods Sold	66.5	19.2	42.2	54.9	17.7	23.3	28.6	34.2	79.2	29.3	21.4	23.4
Gross Profit	8.1	5.1	8.7	4.2	3.0	2.9	1.6	3.1	3.3	1.4	1.4	1.5
Financial Income	2.5	2.7	3.5	3.6	3.8	3.9	4.0	4.7	6.1	8.8	8.8	7.7
Financial Expenses	0.0	0.0	0.0	—	0.0	0.3	0.2	0.0	0.1	0.0	0.0	0.2
Interest Expense	—	—	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	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
General and Administrative Expenses	8.8	3.0	8.5	5.5	8.4	4.5	5.8	7.0	11.5	6.2	6.5	7.7
Operating Profit	1.7	4.6	3.5	2.2	-1.8	1.8	-0.5	0.7	-2.4	3.9	3.6	1.2
Other Income	0.0	0.0	—	1.2	0.0	3.4	0.6	0.0	0.0	0.0	0.3	0.0
Other Expenses	0.0	4.2	2.3	2.8	-0.0	0.9	1.3	0.0	0.0	0.0	0.8	0.3
Other Profit	0.0	-4.2	-2.3	-1.6	0.0	2.5	-0.7	-0.0	0.0	0.0	-0.5	-0.3
Profit Before Tax	1.7	0.4	1.2	0.6	-1.8	4.3	-1.2	0.7	-2.4	3.9	3.1	0.9
Current Income Tax Expense	1.3	—	—	—	0.0	0.0	0.0	0.0	-0.0	0.2	0.0	0.0
Deferred Income Tax Expense	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
Net Income	0.1	0.2	1.0	0.3	-2.0	4.1	-1.5	0.5	-2.6	3.4	2.9	0.7
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.1	0.2	1.0	0.3	-2.0	4.1	-1.5	0.5	-2.6	3.4	2.9	0.7
Earnings per Share	3.00	3.00	19.00	7.00	-40.00	82.00	-29.00	9.00	-52.00	69.00	58.00	13.00
Diluted EPS	3.00	3.00	19.00	7.00	15.00	82.00	-29.00	9.00	-52.00	69.00	58.00	13.00

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)	504.6	428.4	437.0	481.7	487.1	481.8	481.0	490.5	514.3	529.1	496.4	494.5
I. Cash and cash equivalents	183.4	13.9	28.7	3.1	40.8	17.2	37.2	22.4	33.0	31.0	17.2	21.8
1. Cash	23.4	13.9	28.7	3.1	40.8	17.2	37.2	22.4	33.0	17.0	17.2	21.8
2. Cash equivalents	160.0	—	—	—	0.0	0.0	0.0	0.0	0.0	14.0	0.0	0.0
II. Short-term financial investments	37.0	197.0	260.6	315.6	307.0	347.0	300.0	355.0	347.0	395.0	415.0	417.0
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	37.0	197.0	260.6	315.6	307.0	347.0	300.0	355.0	347.0	395.0	415.0	417.0
III. Short-term receivables	202.3	204.4	140.6	157.5	96.3	114.9	128.8	97.0	115.6	62.6	49.8	40.4
1. Short-term trade accounts receivable	53.3	50.0	59.5	77.8	59.3	68.8	91.2	69.4	88.1	40.6	35.2	25.0
2. Short-term prepayments to suppliers	94.5	87.1	0.4	0.7	8.7	12.5	6.5	7.6	11.0	12.4	11.9	7.2
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	68.0	80.9	94.2	92.5	41.9	47.1	44.6	33.5	30.0	23.1	16.3	21.7
7. Provision for short-term doubtful debts (*)	-13.5	-13.5	-13.5	-13.5	-13.5	-13.5	-13.5	-13.5	-13.5	-13.5	-13.5	-13.5
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	71.2	5.5	0.0	1.0	40.6	0.2	10.5	10.6	11.0	32.9	8.4	10.0
1. Inventories	71.2	5.5	0.0	1.0	40.6	0.2	10.5	10.6	11.0	32.9	8.4	10.0
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	10.8	7.7	7.2	4.5	2.4	2.4	4.6	5.5	7.6	7.5	6.0	5.3
1. Short-term prepayments	0.7	0.7	0.4	0.3	0.3	0.5	0.5	0.3	0.4	0.5	0.8	0.3
2. Value added tax to be reclaimed	10.0	6.6	6.4	3.9	1.8	1.6	3.7	4.8	7.2	7.1	5.0	4.5
3. Taxes and other receivables from state authorities	—	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.0	0.0	0.3	0.4
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)	345.9	345.0	346.5	339.1	319.3	282.9	283.4	284.5	287.3	272.9	271.9	274.0
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	132.6	133.2	134.3	63.0	63.9	64.9	64.1	77.4	64.2	63.9	64.6	65.5
1. Tangible fixed assets	132.6	133.2	134.3	63.0	63.9	64.9	64.1	77.4	64.2	63.9	64.6	65.5
- Cost	—	—	—	—	119.4	119.4	117.6	130.2	115.8	114.6	114.4	114.5
- Accumulated depreciation	—	—	—	—	-55.4	-54.5	-53.5	-52.7	-51.6	-50.6	-49.8	-49.0
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	—	—	—	—	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
III. Investment properties	154.9	156.1	157.3	158.5	159.7	160.8	162.0	163.2	164.4	165.6	166.8	167.9
- 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
IV. Long-term assets in progress	54.3	53.4	52.8	115.2	92.9	54.0	53.7	40.5	57.1	42.1	39.8	39.8
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	54.3	53.4	52.8	115.2	92.9	54.0	53.7	40.5	57.1	42.1	39.8	39.8
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	4.1	2.3	2.1	2.5	2.8	3.1	3.5	3.4	1.6	1.2	0.8	0.8
1. Long-term prepayments	4.1	2.3	2.1	2.5	2.8	3.1	3.5	3.4	1.6	1.2	0.8	0.8
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	—	—	—	—	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)	850.5	773.4	783.6	820.8	806.4	764.7	764.5	775.0	801.6	801.9	768.3	768.6
A. LIABILITIES (300=210+330)	289.5	212.5	222.9	261.0	246.9	203.2	206.7	215.3	242.6	240.3	210.2	213.2
I. Short -term liabilities	110.5	32.4	41.7	78.7	63.5	18.7	21.2	28.7	54.9	51.6	20.3	22.3
1. Short-term trade accounts payable	64.8	6.8	10.1	54.7	4.5	0.6	4.8	14.9	33.7	29.7	7.9	8.9
2. Short-term advances from customers	5.8	—	—	—	0.0	0.0	0.0	1.2	2.1	8.9	0.0	0.0
3. Taxes and other payables to state authorities	1.1	0.0	—	0.0	0.5	1.9	0.1	0.1	0.1	0.0	0.0	0.0
4. Payable to employees	6.9	3.7	5.5	2.5	4.0	0.0	0.0	0.0	4.9	0.0	0.0	0.0
5. Short-term acrrued expenses	10.5	10.9	14.8	6.8	42.2	4.6	3.5	2.7	4.3	3.1	2.6	3.5
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	16.7	6.2	6.4	10.0	7.8	6.9	7.8	5.2	5.2	5.2	5.2	5.2
9. Other short-term payables	4.1	4.1	4.1	4.0	4.0	3.9	4.0	4.0	4.0	4.0	4.0	4.0
10. Short-term borrowings and financial leases	—	—	—	—	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	0.6	0.6	0.7	0.7	0.7	0.8	0.9	0.6	0.6	0.7	0.7	0.6
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	179.1	180.1	181.2	182.3	183.4	184.5	185.6	186.6	187.7	188.8	189.9	190.9
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	165.1	166.4	167.7	169.0	170.3	171.6	172.9	174.2	175.5	176.8	178.1	179.4
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	13.9	13.7	13.5	13.3	13.0	12.8	12.6	12.4	12.2	11.9	11.7	11.5
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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)	561.0	560.9	560.7	559.9	559.5	561.5	557.8	559.7	559.0	561.6	558.1	555.4
I. Owner's equity	561.0	560.9	560.7	559.9	559.5	561.5	557.8	559.7	559.0	561.6	558.1	555.4
1. Owner's capital	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0
- Common stock with voting right	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0
- 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	44.4	44.4	44.4	44.4	44.4	44.4	44.4	44.4	44.4	44.4	44.4	44.4
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	16.7	16.5	16.4	15.5	15.2	17.1	13.4	15.3	14.7	17.2	13.8	11.0
- Accumulated retained earning at the end of the previous period	15.1	15.1	15.1	15.2	14.4	14.4	14.4	14.9	10.2	10.2	10.2	10.3
- Undistributed earnings in this period	1.6	1.5	1.3	0.3	0.8	2.7	-1.0	0.5	4.4	7.0	3.5	0.7
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)	850.5	773.4	783.6	820.8	806.4	764.7	764.5	775.0	801.6	801.9	768.3	768.6

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
Profit Before Tax	2.1	—	1.8	—	0.0	0.9	-0.9	0.0	5.5	-4.0	4.0	0.0
Depreciation of Fixed Assets and Investment Property	5.7	—	5.1	—	0.0	-4.3	4.3	0.0	8.4	-4.2	4.2	0.0
Provision (Increase)/Reversal	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	—	-0.0	—	0.0	-0.5	0.5	0.0	0.1	0.1	-0.1	0.0
Gain/Loss from Investment Activities	-5.1	—	-7.1	—	0.0	8.4	-8.4	0.0	-30.7	16.3	-16.3	0.0
Interest Expense	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	2.6	—	-0.2	—	0.0	4.6	-4.6	0.0	-16.7	8.3	-8.3	0.0
Increase/(Decrease) in Receivables	13.6	—	-51.5	—	0.0	11.0	-11.0	0.0	-83.5	10.2	-10.2	0.0
Increase/(Decrease) in Inventory	-71.2	—	39.7	—	0.0	-1.0	1.0	0.0	-9.6	6.5	-6.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	67.0	—	7.4	—	0.0	32.0	-32.0	0.0	19.3	4.2	-4.2	0.0
Increase/(Decrease) in Prepaid Expenses	-2.3	—	0.5	—	0.0	-0.1	0.1	0.0	-5.1	0.2	-0.2	0.0
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
Corporate Income Tax Paid	—	—	—	—	0.0	0.0	0.0	-0.1	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	0.4	1.6	-1.1	1.1	-1.6	1.6	-0.4	0.4
Other Operating Payments	11.4	-11.5	3.9	-4.0	-4.3	-16.2	20.5	-20.7	7.9	-7.9	2.4	-2.5
Net Cash Flow from Operating Activities	-0.1	9.7	23.4	-27.7	-18.8	33.6	-45.4	-1.3	-57.7	-8.5	-15.9	-13.6
Payments for Fixed Assets and Other Long-term Assets	5.9	-91.8	-56.7	-4.7	-2.9	-8.6	-0.8	-4.5	-1.0	-2.9	-2.5	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	-0.0	0.0	0.0	0.0	0.0	0.6	-0.6
Loans and Purchases of Debt Instruments	-75.0	—	-210.6	—	0.0	128.0	-128.0	0.0	-409.0	230.0	-230.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	298.6	—	257.0	—	0.0	-175.0	175.0	0.0	479.0	-232.0	232.0	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	4.2	3.1	4.4	2.6	5.0	2.1	6.4	2.9	13.2	4.9	11.3	2.8
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	169.6	-24.5	2.1	-10.1	42.2	-53.5	60.6	-9.6	60.2	22.0	11.4	2.1
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	12.0	—	4.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	0.0	0.0	-12.0	—	-4.8	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	—	0.0	0.0	-0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-0.0	—	-0.0	—	0.0	0.0	-0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	169.5	-14.8	25.6	-37.7	23.4	-19.9	15.2	-10.8	2.5	13.5	-4.5	-11.5
Cash and Cash Equivalents at Beginning of Period	13.9	28.7	3.1	40.8	33.0	33.0	33.0	33.0	33.1	33.1	33.1	33.1
FX Difference from Revaluation	-0.0	0.0	0.0	0.0	0.3	-0.0	-0.5	0.3	-0.5	0.3	-0.2	0.3
Cash and Cash Equivalents at End of Period	183.4	13.9	28.7	3.1	40.8	17.2	37.1	22.4	33.0	31.0	17.2	21.8

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What Is Changing

Financial Statements

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Balance Sheet

Cash Flow

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